QUESTION 21 If Zenith bought on account a purchase of 4,000 units on January 28, terms FOB Destination, which was not received by the time of the January 31 physical inventory count, then Zenith should A) Ignore this purchase in the January financial statements B) Record the purchase in the January financial statements C) Add the 4,000 units to inventory but wait until the invoice is received to record the payable D) Record the payable but wait until the 4,000 units arrive to add them to inventory E) None of the above
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