Abc mart received a $20 freight bill for merchandise it purchased with freight terms of fob shipping point. abc mart uses a perpetual inventory system. assuming it paid the bill immediately, demonstrate the journal entry required to record the freight charges.
a. debit freight in $20; credit cash $20
b. debit freight in $20; credit merchandise inventory $20
c. debit transportation in $20; credit cash $20
d. debit merchandise inventory $20; credit cash $20
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Abc mart received a $20 freight bill for merchandise it purchased with freight terms of fob shipping...
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