Purchaser is acquiring $15,000 worth of inventory from Seller on "account" (i.e., with credit). The cost to the Seller associated with the goods purchased by Purchaser is $7,000. Purchaser is in Sewanee; Seller is in Denver.

1. Under the periodic method of accounting for inventories, consider the journal entry for the transaction in Fact Pattern A, above, from the Purchaser's perspective. The Purchaser will:

a. Debit Purchases for $15,000.

b. Debit Inventory for $15,000.

c. Credit cash for $15,000.

d. Credit Inventory for $15,000.

2. Under the perpetual method of accounting for inventories, consider the journal entry for the transaction in Fact Pattern A, above, from the Seller's perspective. The Seller will:

a. Debit COGS for $15,000.

b. Debit Account Payable for $15,000.

c. Credit Sales Revenue for $15,000.

d. Credit Prepaid Sales Revenue for $15,000. e. Credit Sales Revenue for $7,000.

Under the perpetual method of accounting for inventories, consider the journal entry for the transaction in Fact Pattern A, above, from the Seller's perspective. The Seller will: a. b. Debit COGS for $15,000. Debit Sales Revenue for $15,000. Credit Inventory for $15,000. Credit Inventory for $7,000. Credit Purchases for $7,000. d. e. Under the periodic method of accounting for inventories, consider the journal entry for a payment for freight charges in the amount of $500 if the freight charges are paid on "account" (i.e., by credit) and if the shipping designation is FOB Denver. The person "paying the freight will: a. b. C. d. Debit Inventory for $500 Debit Freight-In for $500. Debit Freight Expense for $500. Credit cash for $500. Credit Freight-in for $500. e. With regard to the journal entry you considered in Question #11, above, from whose perspective did you consider the journal (i.e., from the Purchaser's perspective or from the Seller's perspective)? a. Seller Purchaser b