5 Normal No Spacing Heading 1 Merchandise Inventory Perpetual 18) Assume on 1/1/2022 XYZ Corporation purchased 300,000 of merchandise Inventory for 85,000, 2/10, n/30 from ABC Company. The journal entry to record the transaction would be: A) Debit Cash 85,000 and credit merchandise inventory 85,000 B) Debit Merchandise Inventory 85,000 and credit accounts payable 85,000 C) Debit Merchandise Inventory 85,000 and credit cash 85,000 D) None of the above 19) Assume on 1/09/22 XYZ Corporation makes payment to ABC Company. What is the amount? A) 85,000 8) 84,000 C) 56,000 D) 83,300 20) Freight In is part of? A) Merchandise Inventory B) Selling expense Administration expense D) None from above 21) On 1/25/22, XYZ corporation sale 30,000 coats to Macy's for 50,000, The cost to XYZ, is 30,000. The term of sale FOB Shipping point 2/10, n/30. The journal to record the sale is. A) Debit Account receivable Macy's 50,000 and credit sale for 50,000 Debit Cost of Goods Sold 30,000 and credit Merchandise Inventory 30,000 8) Debit Account receivable Macy's 50,000 and credit sale for 50,000 Debit Cost of Goods Sold 15,000 and credit Merchandise Inventory 15,000 Debit Account receivable Macy's 30,000 and credit sale for 30,000 Debit Cost of Goods Sold 15,000 and credit Merchandise Inventory 15,000 D) None of the above