7,8,and 9 True or false?

In a perpetual inventory system, the Cost of Goods Sold account is continuously updated as and when sales occur. True False Question 8 (5 points) The Merchandise Inventory account is an expense account that is used only for goods purchased that the business owns and intends to resell to customers. True False Question 9 (5 points) Credit terms of a merchandising company are 1/15, net 40 . This means that the buyer can receive a discount of 1% if the invoice is paid within 40 days of the invoice date