Question Details

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.



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