2 8 1 Question 3 (2 points) Cost of Goods Sold (under the Periodic Method) equals: A) Beginning Inventory + Net Purchases + Freight-in - Ending Inventory. B) Beginning Inventory + Net Purchases + Freight-in + Freight-out + Ending Inventory. C) Beginning Inventory - Net Purchases - Freight-in + Ending Inventory. D) Beginning Inventory - Net Purchases + Freight-in + Ending Inventory. Question 5 (2 points) Monica's Closet received payment in full within the discount period for goods sold on a $1,000 sales invoice, terms 2/10, n/30. Which entry records this payment? (Round your calculations to the nearest whole dollar.) OA) Debit Cash $980, debit Sales Discount $20; credit Accounts Receivable $1,000 B) Debit Accounts Receivable $1,000; credit Sales $1,000 OC) Debit Cash $980, debit Sales Discount $20; credit Sales $1,000 D) Debit Cash $1,000; credit Accounts Receivable $1,000 Question 19 (2 points) Liquidity is: Saved A) how much cash a company has on its balance sheet. B) the ability in which a current debt can be paid. C) how quickly customers pay. D) how easily an asset can be converted to cash