Which journal entry property records the transaction for a scale of merchandise on account on a perpetual basis. The Sales Price was exist100 and the cost value was exist60: a. Accounts Receivable Sales Merchandise Inventory Cost of Merchandise Sold b. Accounts Receivable Sales Cost of Merchandise Sold Merchandise Inventory c. Sales Accounts Receivable Cost of Merchandise Sold Merchandise Inventory d. Sales Cost of Merchandise Sold Accounts Receivable Merchandise Inventory Which journal entry properly records the transaction to purchase merchandise on account on a perpetual basis. The cost of the purchase was exist30: a. Merchandise Inventory Cost of Merchandise Sold b. Purchases Accounts Payable Merchandise Inventory c. Accounts Payable Merchandise Inventory d. Merchandise Inventory Accounts Payable Use creative and critical thinking to apply the fundamental assumptions and conversions underlying the recognition and measurement of accounting data for financial reporting, with primary emphasis on the accrual basis of accounting in accordance with generally accepted accounting principles (GAAP) In accrual accounting, Revenues are reported on the Income Statement when a. The service has been performed b. The cash has been received c. A contract has been signed. d. The merchandise is ordered. In accrual 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. d. None of the above are correct