When goods are purchased for resale by a company using a periodic inventory system: purchases on account

Question:

When goods are purchased for resale by a company using a periodic inventory system:

purchases on account are debited to Merchandise Inventory.

b. purchases on account are debited to Purchases.

c. purchase returns are debited to Purchase Red.

turns and Allowances.

d. freight costs are debited to Purchases.

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Ali Khawaja

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