Journalize the Following Transactions (Using the Perpetual Inventory Method) $$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline\end{array}$$

question 164

Essay

Journalize the following transactions (using the perpetual inventory method).Paid $230 cash for freight in on merchandise purchased.
$$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline\end{array}$$

---

Definitions:

Adjusting Entries

Journal entries made in accounting records at the end of an accounting period to update account balances before preparing financial statements.

Net Income

The residual financial benefit a company experiences after expenses and taxes are subtracted from its income.

Fiscal Year

A 12-month period used for accounting and financial reporting purposes, which may or may not align with the calendar year.

Rent in Advance

Payment made for a rental property or equipment before the period it covers, usually as a security measure or requirement by the landlord.