1 On September 12. Vondeloy Company sold merchandnom the amount of $5.800 to Jepson Company with credit tom of 70, n. The cost of the sold is $4.000. Jepson uses the periodic inventory system and the gross method of accounting for purchases Jepson pays the voice on September and nice the appropriate discount. The journal entry that Jepson makes on September 18 1 pons Mume Choce Act Title Debit Credit Purchases Cash 5,654 Debit Credit Account Tit Accounts Payable Merchandise Expense Cash 115 5.64 Debit credit Account Title Accounts Payable Purchases Discounts Cash S. Credit Debit 5,800 Account Title Accounts Payable Merchandise Expense Cash 116 5,684 Credit Debit 5,800 Account Title Accounts Payable Purchases Discounts Cash 116 5,684 Credit Debit 5,684 Account Title Cash Accounts Receivable 5,684 Credit Account Title Cash Purchases Discounts Accounts Payable Debit 5,684 116 5,800 When preparing an unadjusted trial balance using a periodic Inventory system the amount shown for Merchandise Inventory it 2 Multiple Choice 1 pour The ending inventory amount Reference The beginning inventory amount Equal to the cost of goods sold O Edual to the cost of goods purchased Equal to the gross pront THV Which of the following statements related to the multiple-step income statement is false? Multiple Choice Subtotals for total selling expenses and general and administrative expenses are reported. O Interest revenue is included with other revenue and gains. The first section of the statement reports gross profit. Only one total for all expenses is shown Non-operating items are reported separately from operations TSMC Qu. 04-99 (Static) A company.... 4. A company purchased 1800 of merchandise on July 5 with terms 2/10, 1/30 on July returned $200 worth of merchandise on July 2ped the amount due Assuming the company uses a perpetua inventory system, and records purchase the ris method The correcta entry to record the purchase on July Debit Merchandise Inventory $1,600; credit Cash $1,600, Debit Merchandise Inventory $1,800, credit Accounts Payable $1,800. Debit Merchandise Inventory $1,800: credit Sales Returns $200: credit Cash $1,600. Debit Accounts Payable $1,800, credit Merchandise Inventory $1,800. Debit Accounts Payable $1,800, credit Purchase Returns $200; credit Merchandise Inventory $1.600. A company had net sales of $825,800 and cost of goods sold of $581.420. Its net income was $33,820. The company's gross margin ratio equal 5 255 0227 36 O 42.05