Match the following

1. Sales revenue

2. Inventory

3. FOB shipping point

4. FOB destination

5. Cost of goods sold

6. Freight-out

7. Periodic inventory system

8. Freight-in

9. Perpetual inventory system

Account to credit when inventory is sold. The amount to credit equals the selling price to customer.

Record inventory purchases at the time inventory arrives at the company.

The cost of shipping inventory from suppliers.

Account to debit when inventory is sold.

Calculate the balance of inventory once per period.

Record inventory purchases at the time inventory departs from the supplier.

Recording inventory transactions as they occur.

The cost of shipping inventory to customers.

Account to credit when inventory is sold. The amount to credit equals the original cost of inventory.

Answer rating: 100% (QA)

1 Sales revenue Account to credit when inventory is sold The amount to cre... View the full answer