intermediate accounting 2

A grocery store that uses a perpetual inventory system purchases goods for resale.
 
Which account is debited at the time of purchase? 

Merchandise inventory

On January 10, a company purchased $5,000 of inventory on terms 1/10, net 30. Payment was made on January 18. The company uses the periodic system.

Which journal entries are needed to record the purchase and the payment using the gross method?

Jan 10 debit purchases for $5,000; credit accounts payable for $5,000
Jan 18 debit accounts payable for $5,000; credit cash for $4,950; credit purchase discounts for $50

On January 10, a company purchased $5,000 of inventory on terms 1/10, net 30. Payment was made on January 18. The company uses the periodic system.

Which journal entries are needed to record the purchase and the payment using the gross method?

Jan 10 debit purchases for $5,000; credit accounts payable for $5,000
Jan 18 debit accounts payable for $5,000; credit cash for $4,950; credit purchase discounts for $50

A company recorded the purchase of 500 units on December 28, Year 1, free on board (FOB) shipping point. The units were shipped immediately and expected to arrive on January 3, Year 2. The company did not include these units in December's ending inventory.
 
Which effect does this action have on the financial statements for December 31, Year 1?

Inventory is understated.