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Assuming a periodic inventroy system, the journal entry to record the purchase on account of $1080 of merchandise with freight of $155 prepaid and added to the invoice is Debit purchases $1080, Debit freight in $155, Credit amt payable $1235.
Because Merchandising Transactions (perpetual inventory system) with expenses takes place in a record book called the journal. The perpetual inventory system is a system of recording inventory balances in the journal entries & Inventory account is adjusted to equal the cost of the merchandise.
Merchandising is the practice and process of displaying and selling products to customers.
Journal is a detailed record of all the transactions done by a business.
Inventory refers to all the items, goods, merchandise, and materials held by a business for selling in the market to earn a profit.
To know more about the Journal here
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