In a cash purchase of inventory, the inventory account is debited if a perpetual inventory system is used.
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Q21: When goods are shipped FOB Destination, the
Q22: FOB Shipping Point means the buyer pays
Q23: If the terms are FOB Shipping Point,
Q25: The words "on account" or the presence
Q27: When goods are shipped FOB Shipping Point,
Q28: The seller's entry for a purchase return
Q29: The terms 2/10 n/30 state that a
Q29: The seller's entry to record a purchase
Q30: When goods are shipped FOB Shipping Point,
Q31: Most purchases are for cash.
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