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Assume that a perpetual inventory system is in use. Which of the following statements regarding the journal entries prepared is correct? Multiple Choice Freight -
Assume that a perpetual inventory system is in use. Which of the following statements regarding the journal entries prepared is correct?
Multiple Choice
"Freightout" or delivery costs associated with sales should be included in Cost of Goods Sold.
When a customer returns inventory, the seller debits Sales Returns & Allowances under a perpetual inventory system.
When a company grants an allowance to a customer, Inventory is credited when using a perpetual inventory system.
When a company receives payment from a customer for a sale, Cash is debited and Accounts Payable is credited.
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