7. Paid sales tax of $3,000 to the taxing authority would require a debit to A. Sales tax payable B. Cash C. Sales discount D. Sales 8. If the buyer'is to pay the freight costs of delivering merchandise, delivery terms are stated as A. FOB shipping point B. FOB destination C. FOB n/30 D. FOB buyer 9. Cost of Goods Sold is closed to Income Summary at the end of the period. A. True B. False 10. Which of the following accounts will only be found in the chart of accounts of a merchandising company? A. Sales B. Accounts Receivable C. Merchandise Inventory D. Accounts Payable