he journal entry to record the purchase on account of $950 of merchandise with freight of $45 prepaid by their supplier and added to the invoice is:
Question
Solution 1
The journal entry for this transaction would be as follows:
Step 1: Debit the Inventory account for the total amount of the purchase, including the freight. This is because the freight was prepaid by the supplier and added to the invoice, making it part of the cost of the merchandise.
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