Chapter 5 Review Questions (Protected View)-Word (Unlicensed Product) A RayMan27 Layout References Mailings Review View Help Tell me what you want to do les from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing eatures of Word have been disabled. Reactivate In a perpetual inventory system, the Cost of Goods Sold account is used a. 14). only when a cash sale of merchandise occurs. b. only when a credit sale of merchandise occurs. only when a sale of merchandise occurs. d. c. whenever there is a sale of merchandise or a return of merchandise sold. 15). Sales revenues are usually considered earned when a. cash is received from credit sales. b. an order is received goods have been transferred from the seller to the buyer. d. c. adjusting entries are made. 16). Company P sells $3,000 of merchandise on account to Company Q with credit terms of 2/10, n.30. If Company Q remits a check taking advantage of the discount offered, what is the amount of Company Q's check? a. $2,100 b. $2,400 c. $2,700 d. $2,940 17). Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, n/30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Baker Company make upon receipt of the check? a. Cash 4,400 Accounts Receivable 4.400