tSubm chapter 04: Accounting for Merchandising Operations Analyze and record transactions for merchandise sales using a perpetual system. Knowledge Check 04 A buyer uses a perlodic Inventory system, and it purchases merchandise on terms FOB shipping point. On December 20, the buyer pays $125 cash for freight charges relating to the shipment of this merchandise. Complete the buyer's necessary journal entry by selecting the Account Names and dollar amounts from the drop-down menus. Date Account Title Debit Credit Dec. 20 select select select select select select Submit answer & continue