B. 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) 2) Is the normal operatings we normal operating cycle of a merchandising company longer or shorter than for a service 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 marki 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)