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Under a periodic inventory system, freight incurred on merchandise purchases by the buyer should be debited to the Inventory account. O purchases of merchandise are
Under a periodic inventory system, freight incurred on merchandise purchases by the buyer should be debited to the Inventory account. O purchases of merchandise are usually credited to the Purchases account. purchases of inventory are debited to the Purchases account. O freight incurred on merchandise sales by the seller should be debited to the Freight In account. Internal controls are concerned with all of the following except O ensuring reliable financial reporting. effective and efficient operations. compliance with relevant laws and regulations. computerized systems of accounting
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