Fulton Company Uses the Periodic Inventory Method

question 116

Multiple Choice

Fulton Company uses the periodic inventory method.On April 15,Carlton Company purchased merchandise inventory on terms of FOB destination.When the merchandise was delivered,Fulton paid $750 cash for the shipping charges.How would the company record this transaction?

• A)Debit Merchandise Inventory for $750 and credit Cash for $750.
• B)Debit Transportation-In for $750 and credit Cash for $750.
• C)Debit Merchandise Inventory for $750 and credit Accounts Payable for $750.
• D)Debit Transportation-In for $750 and credit Accounts Payable for $750.
• E)Debit Delivery Expense for $750 and credit Cash for $750.

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Definitions:

Personality

Refers to the combination of characteristics or qualities that form an individual's distinctive character.

Relationships

Connections or associations between individuals or entities, typically based on social, emotional, or professional interactions.

Process

A series of actions or steps taken to achieve an end.

Seeking Stability

The pursuit of consistency and reliability in one's life, work, or environment, often sought after in times of change or uncertainty.