9. A company purchases merchandise inventory for $4,000 on account. Assume that the company uses the periodic inventory method. To record the purchase, the company will ... A. Debit Merchandise Inventory for $5,000 B. Debit Cost of Goods Sold for $5,000 C. Debit Purchases for $5,000 D. Credit Merchandise Inventory for $5,000 E. None of the above 10. A company purchases inventory on account for $10,000. Shipping terms are FOB shipping point and invoice terms are 2/10, n/30. Which statement is correct? If all three statements are either correct or incorrect, chose from Answer D or Answer E. A. Title to the inventory will pass to the purchaser upon its arrival at the purchaser's place of business. B. The seller is responsible for payment of the shipping cost. C. The purchaser will bear the loss if the inventory is destroyed while in transit. D. All three statements are correct E. All three statements are incorrect 11. A company uses the perpetual inventory method. Which of the listed accounts would the company not need in its general ledger? If the company will need all of the accounts or none of the accounts, select from Answer D or Answer E. A Transportation-in B. Cost of Goods Sold C. Merchandise Inventory D. It would not need any of them E. It would need all of them