- Freight In
Questions You Should be Able to Answer:
What are the journal entries to record the purchase and sale of merchandise?
What is the formula to determine the Cost of Goods Sold in a periodic inventory system?
What is the Freight In account?
How is the merchandise inventory shown on both the income statement and balance sheet?
Additional Practice and Review:
Page 402 Exercise 2, 3 and 4
page 406 Exercise 1 and 3