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Freight-in is an account that is subtracted from the Purchases account

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Freight-in is an account that is subtracted from the Purchases account 1. Freight-in is an account that is subtracted from the Purchases account to arrive at cost of goods purchased. 2. Under a periodic inventory system, the acquisition of inventory is charged to the Purchases account. 3. Under a periodic inventory system, freight-in on merchandise purchases should be charged to the Inventory account. 4. In a worksheet, cost of goods sold will be shown in the trial balance (Dr.), adjusted trial balance (Dr.) and income statement (Dr.) columns. Additional True-False Questions 5. Merchandise inventory is reported as a long-term asset on the balance sheet. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

Freight-in is an account that is subtracted from the Purchases account

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