19. What does COGS stand for, and what type of account is it? _________________________________ _________________________________________________________________________________

20. Tiana, Inc. purchased inventory for $100,000 on account and recorded it as follows: Merchandise Inventory 100,000 Accounts Payable 100,000 The vendor, David, LLC, issued an invoice showing terms of 1/10, net 30. Give the journal entry for Tiana, Inc.s payment of the invoice seven days after the invoice date, assuming David, LLC uses the perpetual inventory system. No description or date is needed.