Question: Which statements are true about inventory systems? (Copyright Obeua Persons. All rights reserved.) 1. For payment to a supplier within the discount period, Purchase discounts
Which statements are true about inventory systems? (Copyright Obeua Persons. All rights reserved.) 1. For payment to a supplier within the discount period, Purchase discounts is credited under the periodic system and Inventory is credited under the perpetual system. 2. To record shipping cost, both periodic and perpetual systems debit Freight-in. 3. To record merchandise purchases, Purchases is debited under the periodic system and Inventory is debited under the perpetual system. (Copyright Obeua Persons. All rights reserved.) 4. Both periodic and perpetual inventory systems involve units of inventory. 5. To record merchandise returned to a supplier, Purchases is credited under the periodic system and Inventory is credited under the perpetual system. (Copyright Obeua Persons. All rights reserved.) Group of answer choices 2, 4, 5 1, 3, 4 1, 2, 3, 4, 5 1, 2, 3, 5 1, 3, 4, 5
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