Under a periodic inventory system, the cost of inventory on hand at the end of the accounting period is determined by a physical count of the inventory.

The proper entry to journalize the receipt of inventory purchased on account in a periodic inventory system would be

If the ownership of merchandise passes to the buyer at the point when the seller begins to ship the merchandise to the buyer, the terms are stated as FOB destination.

Freight in is the amount paid by the company to deliver merchandise sold to a customer.

In a perpetual inventory system, merchandise returned to vendors reduces the inventory account of the company returning the merchandise.

On a single-step income statement, the total of all expenses is deducted from the total of all revenues.

If merchandise sold on account is returned to the seller, the seller acknowledges the return by issuing a

Even if borrowing is needed to pay within the discount period, it is generally advantageous for the buyer to take advantage of purchases discounts.

In a periodic inventory system, the cost of merchandise purchased includes the cost of freight in.

The fees associated with credit card sales are periodically recorded as expenses.