1. Santa Materals sold goods for 3,200 plus 5% sales tax to a customer on account, terms n/30. Santa Materials uses the perpetual inventory system and the cost of goods sold was $1,000. Which entries are required to record this transaction? a. debit account receivable $3,360; credit sales tax payable $160; credit sales tax $3,200, debit cost of goods sold $1,000; credit merchandise inventory $1,000 b. debit cash $3,200; credit sales $3,200; debit cost of goods sold $1,000: credit merchandise inventory $1,000 c. debit accounts receivable $3,360; credit sales $3,360; debit cost of goods sold $1,000; credit merchandise inventory $1,000 d. debit accounts receivable $3,200; credit sales $3,200; befit cost of goods sold $1,000; credit merchandise inventory $1,000

2. which of the following statement about subsidiary ledger is most accurate? a. the subsidiary ledger accounts will never equal the control account in the general ledger b. the account receivable subsidiary ledger accounts will equal the amount of cash sales c. the account receivable subsidiary ledger is a book of accounts that provides supporting details for the controlling account of account receivable

3. A return of merchandise by a customer who purchased I. accounts was recorded with a debit to accounts payable and a credit to accounts receivable in the general ledger. This error will cause a. the net income for the period will be overstated b. the controlling account for account receivable to not agree with the subsidiary ledger c. the assets to be overstated d. the net sales for the period to be understated