Under a periodic inventory system, O freight incurred on merchandise sales by the seller should be debited to the Freight In account.O freight incurred on merchandise purchased by the buyer should be debited to the Inventory account.O purchases of inventory are debited to the Purchases account. O purchases of merchandise are usually credited to the Purchases account. Vaughan Corporation purchased inventory with an invoice price of $23300 and credit terms of 2/10, n/15. How much cash willVaughan pay if they pay within the discount period? O $19805O $22834O $23300O $23766 When using the five-step model, the entry to record the return of goods from a customer would include a O credit to Refund Liability.O debit to Refund Liability.O debit to Sales. O credit to Sales. The operating cycle of a merchandising company is O always one year in length.O about the same as that of a service company.O generally shorter than that of a service company. O generally longer than that of a service company