Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on

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Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2, 2015, for $40,000. In addition to the cost of inventory, the company also pays $600 for freight charges associated with the purchase on the same day.
Record the purchase of inventory on February 2, including the freight charges.

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Financial Accounting

ISBN: 978-0078025549

3rd edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

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