17-19

17. A purchase of inventory on account would include a debit to: a. cost of goods sold. b.. sales. c. merchandise inventory. d. accounts payable. Sales- $300,000 Cost of Goods Sold- $120,000 Operating Expenses $30,000 Find gross profit. a. $180,000 b. $150,000 c. $390,000 d. None of the above 19. Which of the following lists gives the correct sequence of accourting procedures? a. financial statements, trial balance, ledger, journal b. journal, ledger, trial balance, financial statements c. ledger, trial balance, journal, financial statements financial statements, journal, ledger, trial balance