Which of the following statements is true for a company that uses a periodic inventory system? a.

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Which of the following statements is true for a company that uses a periodic inventory system?

a. The purchase of inventory requires a debit to Inventory.

b. The return of defective inventory requires a debit to Purchase Returns and Allowances.

c. The payment of a purchase within the discount period requires a credit to Purchase Discounts.

d. Any amounts paid for freight are debited to Inventory.

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Cornerstones Of Financial Accounting

ISBN: 9780176707125

2nd Canadian Edition

Authors: Jay Rich, Jefferson Jones, Maryanne Mowen, Don Hansen, Donald Jones, Ralph Tassone

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