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The Wales Company purchased $10,000 merchandise from the Boston Wholesale Company. Wales also paid $500 for freight costs to have the goods shipped to its location. Which of the following statements regarding the necessary entries for the transactions is true? Wales uses the perpetual inventory system.
a. Total debits to the inventory account would be $10,000.
b. Total debits to the inventory account would be $10,500.
c. Transportation Expense would be debited for $500.
d. Answers A and C are both true.
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The Wales Company purchased $10,000 merchandise from the Boston Wholesale Company. Wales also paid $...
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