Using a perpetual inventary system, the entries to journalize the ssle of merchandise on accoune and the corresponding cost of goods sold indide a b. Actit in sales c. Sebit to Imwentary d. creste to imomery When the perpetual irwentory system is used, the inventory sold is shems on the incorne statement as 2. parshuses h. aet perchaise c. cov of poods sald d. purchaves iestaris mad Jlewances If merchandise sold on account is returned to the sellor, the seller acknowiedges the return by issuing a a. codit inemo b. Echit memo c. purchise invoice d. salea invoice Merchandise is purchased for $6,000 on September 2, terms 2/10,n/20, rob sestination. Freight costs paid by the seiler total 1200 . What is the required payment if poid on september 12 ? 56.120 b. $6,000 4. $5,940 it. 95,900 An imvice teceived included the following infermation: merchandise price, $12,000; teims 1/10, n/eorn; fo8 shipping point weh prepeid freight of 5900. Assuming that a eredt for merchandise returned of $500 is granked prior to panment and that the imoice is paid within the discount period. whet amount of cesh should be paid by the burver? a: $12.2135 h. $10.906 $11385 a. 511,500 - paya withet the dacount period? To encourage a buyer to pay before the end of the credit penod, the seller may offer a a. sales discount b. trade discount c. purchases discount d. payment discount a nercah he irode agrm 2. ranh ue ocmint Who is responsible for the freight cost when the terms are foB destination? a either the buyer or the seller b. the ultionate customer c. the buyer d. the seller a. Sebatio imentory 1. aedn te Cutaner liefende Parabie Jacob Co. purchases merchandise on eccount from Isaiah Co. for \$9,700, receiving an imvice doted May 1 with terms 1/15, net 45 . What is the amount of the svslable purchases discount, and by what date must the invoice be paid in order far Jacob Co. to take advantage of the discount? a. 5194,M Lin 15 b. 597,Ma516 C. 597,Mr35 \& \$194, May 16