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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