Multiple Choice
In a perpetual inventory system,if the terms of sale are FOB shipping point the journal entry to record the payment of freight charges on purchased merchandise includes a:
A) debit to Inventory
B) credit to Freight Out
C) credit to Accounts Payable
D) debit to Cost of Goods Sold
Correct Answer:
Verified
Correct Answer:
Verified
Q24: Park Corp had a beginning balance in
Q25: The purpose of the account payable subsidiary
Q26: BLP Corporation reported wages expense of $224,000,wages
Q27: The payroll tax which is paid by
Q28: The gross method records the purchase discount.<br>A)When
Q30: Which of the following payroll items is
Q31: Which of the following entries is made
Q32: An increase in prepaid insurance indicates that<br>A)insurance
Q33: Match the following terms with the descriptions
Q34: Which of the following entries is made