Question #1 - Short Answers (7 marks 1) When the buyer pays the freigh payment under a perpetual inventory system he freight costs, which account would be debited in the entry to record th ventory system? (1 mark) 2) Does a merchandiser prefer a high or low rate of inventory er a high or low rate of inventory turnover? Explain (2 marks) 3) What is the general rule followed to determine the order that asset accounts are listed on the Balance Sheet? (1 mark) 4) Describe the differences between single-step and multi-step formats for income statements