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Blake Company uses a perpetual inventory system purchased inventory from Snow Company. The shipping costs...

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Accounting

Blake Company uses a perpetual inventory system purchased inventory from Snow Company. The shipping costs were $650 and the terms of the shipment were FOB shipping point. Blake would have the following entry regarding the shipping charges: Entry field with incorrect answer

There is no entry on Blakes books for this transaction.

Freight Expense 650 Cash 650

Freight-Out 650 Cash 650

Inventory 650 Cash 650

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