Accounting help...?!?! 10 points...?

19. In a perpetual inventory system, cost of goods sold is recorded

A. On a daily basis.

B. On a monthly basis

C. On an annual basis

D. With each sale

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20. If a company determines cost of goods sold each time a sale occurs, it

A. Must have a computer accounting system

B. Uses a combination of the perpetual and periodic inventory systems

C. Uses a periodic inventory system

D. Uses a perpetual inventory system

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22. The journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit

A. Accounts payable

B. Purchase returns and allowances

C. Sales

D. Cost of goods sold account

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23. A buyer would record a payment with the discount period under a perpetual inventory system by crediting

A. Accounts payable

B. Merchandise Inventory

C. Purchase discounts

D. Sales Discount

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25. Freight costs paid by a seller on merchandise sold to customers will cause an increase

A. In the selling expense of the buyer

B. In operating expenses for the seller

C. To the cost of goods sold of the seller

D. To a contra-revenue account of the seller

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27. Geran Company purchase merchandise iventory with an invoice price of $ 8,000 and credit terms of 2/10, n/30. What is the net cost of goods if German Company pays within the discount period?

A. $8,000

B. $7,840

C. $7,200

D. $7,360