A company using the periodic inventory system has inventory costing $139 on hand at the beginning of a period. During the period, merchandise costing $616 is purchased. At year-end, inventory costing $318 is on hand. The cost of goods sold for the year is Oa. $139 Ob. $318 c. $616 d. $437 Merchandise is sold for cash. The selling price of the merchandise is $1,200 and the sale is subject to a 6% state sales tax. The journal entry to record the sale would include a credit to Oa. Cash for $1,200 O b. Sales for $1,200 c. Sales for $1,272 Od. Sales Tax Payable for $72 Harper Company lends Hewell Company $34,800 on March 1, accepting a four-month, 12% interest note. Harper Company prepares financial statements on March 31. What adjusting entry should be made before the financial statements can be prepared? a. Cash 348 Interest Revenue 348 Ob. Interest Receivable 1,392 Interest Revenue 1,392 Oc. Interest Receivable 348 Interest Revenue Od. Note Receivable 34,800 Cash 34,800 348