Question: True-False ____ 1. The purchases account normally has a debit balance. _____2 The expenses related to transportation in and to transportation out should be charged

True-False

____ 1. The purchases account normally has a debit balance.

_____2 The expenses related to transportation in and to transportation out should be charged to the same account.

_____ 3. For a majority of firms, LIFO probably represents most accurately the actual flow of goods.

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