3. SHORT ANSWERS (9 Marks) "When the buyer pays the freight costs which account would be debited in the entry to record the payment under a perpetual inventory system? (1 mark! the normal operating cycle of a merchandising company longer or shorter than forse company? Briefly explain the main difference between their operating cycles (2 marks) 3) Goods that were purchased FOB destination are still in transit when a physical inventory is being done. Will the seller include these goods in their physical inventory count? Explain (2 mark) 4) Give a brief explanation of what an EFT is, and why a company may prefer EFT payments. (3 marks) 5) What is the purpose of recording estimated uncollectible accounts using the allowance method? (1 mark)