1. Which of the following accounts are used when recording a purchase using a periodic inventory system?

Group of answer choices

cash, merchandise inventory

accounts payable, accounts receivable

accounts payable, sales

cash, purchases

2. Which of the following is not a characteristic of FOB Destination?

Group of answer choices

The seller owns goods in transit.

The point of transfer is when the goods arrive at the buyers place of business.

The point of transfer is when the goods leave the sellers place of business.

The seller pays for shipping.