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Swifty Company uses a perpetual inventory system and purchased inventory from Blossom Company. The shipping costs were $550 and the terms of the shipment were

image text in transcribed Swifty Company uses a perpetual inventory system and purchased inventory from Blossom Company. The shipping costs were $550 and the terms of the shipment were FOB shipping point. Swifty would have the following entry to pay the shipping charges: Inventory Cash Freight Expense Cash Freight-Out Cash 550 550 550 550 550 550 There is no entry on Swifty's books for this transaction

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