In a Perpetual Inventory System,if the Terms of Sale Are

question 29

Multiple Choice

In a perpetual inventory system,if the terms of sale are FOB shipping point the journal entry to record the payment of freight charges on purchased merchandise includes a:

• A)debit to Inventory
• B)credit to Freight Out
• C)credit to Accounts Payable
• D)debit to Cost of Goods Sold

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Definitions:

Esteem

Describes a psychological need that involves respect, self-esteem, and the acknowledgment from others, considered essential for social and individual development.

Belonging Needs

Basic human motivation to be an accepted member of a group.

Close-Knit

Describes a group of individuals who are tightly connected, share strong bonds, and support each other, often resembling a family-like relationship.

Desirable Effects

Positive outcomes or benefits that are sought after or deemed attractive in a given context.