17)A company's amount of cost of goods sold reported on the income statement will be the same with a periodic inventory system as it would be with a perpetual system.

True

False

12) Select the correct journal entry to record the following transaction:

Acquired $20,000 cash from the issue of common stock.

Common Stock $20,000 Cash $20,000

Revenue $20,000 Retained Earnings $20,000

Cash $20,000 Common Stock $20,000

Cash $20,000 Retained Earnings $20,000