7. A company purchases inventory at a cost of $7,000. Shipping terms are FOB shipping point. Assume that the purchaser pays the freight invoice of $325 upon arrive of the items. The company uses the perpetual inventory method. To record the payment for shipping, the company will ... A. Debit Purchases for $325 B. Debit Freight-in for $325 C. Debit Cost of Goods Sold for $325 D. Debit Merchandise Inventory for $325 E. None of the above 8. A company purchases inventory on account for $20,000. Invoice terms are 2/10, n/30. The company uses the perpetual inventory method and records inventory purchases on account using the net method. To record the purchase, the company should ... A B Debit Purchases for 19.600 Debit Merchandise Inventory for $19,600 Debit Purchase Discounts for $400 Credit Accounts Payable for $20,000 None of the above D E 9 A company purchases merchandise inventory for $4,000 on account. Assume that the company uses the periodic inventory method. To record the purchase, the company will ... A. Debit Merchandise Inventory for $5,000 B. Debit Cost of Goods Sold for $5,000 C. Debit Purchases for $5,000 D. Credit Merchandise Inventory for $5,000 E. None of the above 10. A company purchases inventory on account for $10,000. Shipping terms are FOB shipping point and invoice terms are 2/10, n/30. Which statement is correct? If all three statements are either correct or incorrect, chose from Answer D or Answer E. A. Title to the inventory will pass to the purchaser upon its arrival at the purchaser's place of business. B. The seller is responsible for payment of the shipping cost. C. The purchaser will bear the loss if the inventory is destroyed while in transit. D All three statements are correct E. All three statements are incorrect 11. A company uses the perpetual inventory method. Which of the listed accounts would the company not need in its general ledger? If the company will need all of the accounts or none of the accounts, select from Answer D or Answer E. A. Transportation-in B Cost of Goods Sold C. Merchandise Inventory D. It would not need any of them E. It would need all of them