Which of the Following Is the Correct Journal Entry for Freight

question 49

Multiple Choice

Which of the following is the correct journal entry for freight paid on goods purchased by a merchandiser using the periodic inventory system?

• A) \(\begin{array}{|l|l|l|}
• \hline\text { Purchases } & \text { XX } \\
• \hline \text { Accounts Payable } & & \text { XX } \\
• \hline
• \end{array}\)
• B) \(\begin{array}{|l|l|l|}
• \hline \text { Merchandise Inventory } & \text { XX } \\
• \hline \text { Cash } && \text { XX } \\
• \hline
• \end{array}\)
• C) \(\begin{array}{|l|l|l|}
• \hline\text { Freight In } & \text { XX } \\
• \hline \text { Cash } && \text { XX }\\
• \hline
• \end{array}\)
• D) \(\begin{array}{|l|l|l|}
• \hline\text { Freight Expense } & \text { XX } \\
• \hline \text { Cash } && \text { XX } \\
• \hline
• \end{array}\)

Assess the appropriateness of using Poisson distribution for real-world phenomena.

Compute expected values and standard deviations for specific distributions.

Understand the conditions under which a binomial distribution can be used.

Analyze real-world scenarios using probability distributions to determine outcomes.

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Definitions:

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