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ABC Company purchased $10,000 of merchandise on account from XYZ Company; terms are 3/10, n/30,...

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Accounting

ABC Company purchased $10,000 of merchandise on account from XYZ Company; terms are 3/10, n/30, FOB shipping point. If both companies use a periodic inventory system, which company records the transportation, and which account is debitied to record the amount of the transportation? ABC records with a debit to Delivery Expense XYZ records with a debit to Freight-In XYZ records with a debit to Delivery Expense ABC records with a debit to Freight-In ABC records with a debit to Merchandise Inventory XYZ records with a debit to Merchandise Inventory

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