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TraceyP
Jul 12, 2008, 01:16 PM
I need help with this journal entry:

Issued check no. 433 to Mercury Tramsit Company for freight charges on merchandise purchased (Freight In) $1,200.00

How do I write in on the General Journal. I can't figure it out.

949
Jul 15, 2008, 11:44 AM
The entry depends on the which system you use. Perpetual or periodic.

Perpetual is:
Dr. Merch Inv. 1200
Cr. Cash 1200

Periodic is:
Dr. Freight In. 1200
Cr. Cash. 1200