23) Inventory is a(n) A) cost. B) asset. C liability D) revenue. 24) Jackie's Online Service started with $7,000 in Inventory and had the following transaction totals for the month: Sales Sales Returns and Allowances Cost of Goods Sold Purchases $20,000 2,000 8,000 14,000 1,000 2,000 Freight Purchases Returns and Allow. Purchases Discounts 1,400 Ending Inventory for the period is A) $10,600. B) $9,600 C) $12,600. D) $14,000. 25) Which of the following transactions will cause a liability to be credited and an asset account to be debited when the perpetual inventory system is in use? A) Recorded the adjustment for depreciation