What is freight out and how is it recorded by the seller?
Answer to relevant QuestionsWhat is inventory shrinkage? Describe the adjusting entry that would be recorded to account for inventory shrinkage.What account is debited when recording a purchase of inventory when using a periodic inventory system?What does the disclosure principle require? What are the two ways that ending merchandise inventory can be estimated?When using the allowance method, how are accounts receivable shown on the balance sheet?
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