If a merchandising company uses a perpetual inventory system, then its journal entry to record payment for the freight on goods delivered to its place of business would include O a debit to the cost of Goods Sold account a debit to the inventory account O a credit to the inventory acount a debit to the Freight-in expense account If the ending inventory in the previous period was understated $17,000 and the ending inventory in the current period was overstated $27,000. Which of the following is understated in the current period? Owner's equity O Cost of goods sold O Net income All the other answers are correct