3. Generally, the Revenue account for a merchandising enterprise is called a a. Sales Revenue or Sales b. Investment Income c. Gross Profit d. Net Sales 4. When a merchandising business sells inventory, it must record? a a. An increase in revenue b. An increase in cost of goods sole c. A reduction in inventory d. All of the above, 5. The seller's journal entry to record a return of merchandise sold on account under a perpetual inventory system would credit? a Accounts Payable b. Estimated Returns Inventory c. Sales Revenue d Inventory Page 2 of 17