#'s 7-10

Which journal entry properly records the transaction for a sale of merchandise on account on a perpetual basis. The Sales Price was $100 and the cost value of the goods was $60. Which journal entry properly records the transaction to purchase merchandise on account from a supplier on a perpetual basis. The cost of the merchandise purchased was $30: In accrual accounting. Revenues are reported on the Income Statement when a. The service has been performed and earned. b. The cash has been received. c. A contract has been signed. d. The merchandise is ordered. In actual accounting. Repair Expense would be reported on the Income Statement in the period a. The cash was paid to the repair man. b. The repair man provides an estimate c. The repair was performed-incurred. d. None of the above are correct