Which detailed record of good held for resale not maintained

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Reference no: EM133007520

Problem 1: If a purchaser using a perpetual system agrees to freight terms of FOB shipping point, then the

A) seller will bear the freight cost.
B) Merchandise Inventory account will not be affected.
C) Merchandise Inventory account will be increased.
D) carrier will bear the freight cost.

Problem 3: The Merchandise Inventory account is used in each of the following except the entry to record

A) the return of goods purchased.
B) goods purchased on account.
C) payment within the discount period.
D) payment of freight on goods sold.

Problem 3: Detailed records of goods held for resale are not maintained under a

A) perpetual inventory system.
B) double entry accounting system.
C) periodic inventory system.
D) single entry accounting system.

Reference no: EM133007520

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