Assuming a periodic inventory system, the journal entry to record the purchase on account of $1,070 of
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Question:
Assuming a periodic inventory system, the journal entry to record the purchase on account of $1,070 of merchandise with freight of $150 prepaid and added to the invoice is:
A. Debit purchases $1220; credit accounts payable $1220
B. Debit purchases $1070; debit freight in $150; credit accounts payable $1220
C. Debit accounts receivable $1220; credit sales $1220
D. Debit accounts payable $1220; debit freight in $150; credit purchases $1070
Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
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