Multiple Choice
Which of the following statements is correct?
A) Freight In is subtracted from Purchases to arrive at delivered cost of purchases.
B) Another name that may be used for the Freight In account is "Transportation In."
C) Freight charges that are listed on the invoice received from a supplier are not part of the total credit to Accounts Payable to record the credit purchase.
D) The Freight In account is subtracted from Sales to get Net Sales.
Correct Answer:
Verified
Correct Answer:
Verified
Q45: In a firm that uses special journals,the
Q47: Tune Tones Instrument Tuning Company owes Mandy
Q48: The accounts payable ledger for Dora's Dollar
Q50: After damaged goods are returned,the supplier issues
Q51: Bally Boutique uses a perpetual inventory system
Q54: To show that the totals of the
Q55: Freight In and Purchases Returns and Allowances
Q72: The entry to record a return of
Q86: The use of a purchases journal strengthens
Q106: In a small firm, the creditor accounts