88. Cost of goods sold: A. Is another term for revenue. B. Is another term for merchandise sales. C. Is a term only used by service firms. D. Is the term used for the expense of buying and preparing mer E. Is also called gross margin. 89. The selected inventory costing method impacts: A. The physical flow of goods. B. Sales. C. The shipping terms to the buyer. D. Gross profit and ending inventory. E. Amount of inventory on hand. 90. A bond sells at a discount when the: A. Bond has a short-term life. B. Contract rate is below the market rate. C. Contract rate is equal to the market rate. D. Contract rate is above the market rate. E. Bond pays interest only once a year. 91. If a company uses $1,300 of its cash to purchase supplies, the be: A. Assets decrease $1,300 and equity increases $1,300. B. Assets increase $1,300 and liabilities decrease $1,304 C. One asset increases $1,300 and another asset decreas D. Assets increase $1,300 and liabilities increase $1,30 E. Assets decrease $1,300 and equity decreases $1,300 92. A company issued 8%, 15-year bonds with a par value of market rate on the date of issuance was 8%. The journal e payment is: A. Debit Bond Interest Expense $44,000; credit Cas B. Debit Bond Interest Expense $550,000; credit ca C. No entry is needed since no interest is paid until