QUESTION $12$

Under the Perpetual inventory system, the entry to record transportation cost for merchandise being purchased $($Freight In$)$ would be:

a$.$ Dr$.$ A$/$P; Cr$.$ Inventory

b$.$ Dr$.$ Inventory; Cr$.$ A$/$P

c$.$ Dr$.$ A$/$P; Cr$.$ Transportation Expelse

d$.$ Dr$.$ Transportation Expense; Cr$.$ A$/$P

e$.$ None of the above

$q,$

QUESTION $13$

The company sold on credit. Which Journal would the transaction be recorded in$?$

a$.$ General Journal

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b$.$ Sales Journal

c$.$ Cash Receipt Journal

d$.$ Purchases Journal

e$.$ Cash Payment Journal

$q,$

QUESTION $14$

Under the Perpetual inventory system, the entry to record the SALE of merchandise inventory would be:

a$.$ Dr$.$ A$/$R; Cr$.$ Sales Revenue AND Dr$.$ COGS; Cr$.$ Inventory

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b$.$ Dr$.$ Sales Revenue; Cr$.$ A$/$R AND Dr$.$ Inventory; Cr$.$ coGS

c$.$ Dr$.$ AR; Cr$.$ Sales Revenue $($No need to record COGS$).$

d$.$ Dr$.$ Cash; Cr$.$ Inventory

e$.$ None of the above