When goods are purchased for resale by a company using a periodic inventory system: (a) purchases on
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When goods are purchased for resale by a company using a periodic inventory system:
(a) purchases on account are debited to Inventory.
(b) purchases on account are debited to Purchases.
(c) purchase returns are debited to Purchase Returns and Allowances.
(d) freight costs are debited to Purchases.
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Related Book For 
Accounting Tools For Business Decision Making
ISBN: 9781118771112
5th Edition
Authors: Kimmel, Wetlands, Kieso
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