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-   -   Journalizing Freight In (https://www.askmehelpdesk.com/showthread.php?t=236686)

  • Jul 12, 2008, 01:16 PM
    TraceyP
    Journalizing Freight In
    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.
  • Jul 15, 2008, 11:44 AM
    949
    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

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