Under the periodic inventory system, a physical inventory is ...

[scienceeasy]

Under the periodic inventory system, a physical inventory is taken to determine the cost of the inventory on handand the cost of the merchandise sold.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

Sailors, Inc. sold 100,000 of merchandise to Breyer, Inc. with terms of 1/10, n/30. If Breyer pays the invoice 20 days after receipt of the invoice, how much cash will Sailors receive?
 
  A) 100,000
  B) 99,000
  C) 90,000
  D) 89,100

[AISCAMPING]

Answer to Question 1

True

Answer to Question 2

A