The Freight-in account:Group of answer choicesincreases the cost of inventory purchased.is contra to the Purchases account.is a permanent account.has a normal credit balance.

If a purchaser using a perpetual inventory system pays freight costs, then the: Group of answer choices Inventory account is increased. Inventory account is not affected. Freight-out account is increased. Delivery Expense account is increased.

Assuming a periodic inventory system is used, freight charges on merchandise purchases should be debited to:Multiple Choicethe Freight In account.the Purchases account.the Accounts Payable account.the creditor's account in the subsidiary ledger.

Under a perpetual inventory system, acquisition of merchandise for resale is debited to the: Group of answer choices Cost of Sales account. Purchases account. Supplies account. Inventory account.

Which of the following statements about a periodic inventory system is true? Group of answer choices Under the periodic inventory system purchases of inventory are typically credited to the Purchases account. Available discounts taken by the customer for early payment of an invoice are termed discount received by the seller. Freight-in is an account that is subtracted from the Purchases account to arrive at the net cost of goods purchased. Under the periodic inventory system, allowances granted by the supplier to the merchandiser are credited to the Purchases Returns and Allowances account.

Which of the following accounts is not reported in inventory ?Group of answer choicesRaw MaterialsEquipmentFinished GoodsSupplies