ESSAY. Write your answer in the space provided or on a separate s 11) Journalize the following Explanations are not required g sales transactions for Bryson Printing Equipment using the periodic inventory system for March 2: Bryson sold $45,800 of printing equipment on acount credit terms n.00 rch S: Bryson recelved a $2,500 sales retum dama Bryson recelved a $2,500 sales return of damaged goods from the customer. rch 11: Bryson received payment from the customer of the amount due. Ma MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 12) 12) The general ledger shows a balance of $66,600 in the Merchandise Inventory account at the end of the period. The physical inventory count shows inventory of 963,400. (Assume a perpetual inventory system.) The adjusting entry includes a A) debit to Cost of Goods Sold and a credit to Cash for $3,200 B) debit to Merchandise Inventory and a credit to Cash for $3,200 C) debit to Merchandise Inventory and a credit to Cost of Goods Sold for $3,200 D) debit to Cost of Goods Sold and a credit to Merchandise Inventory for $3,200 13) 13) From the following details of a merchandiser, calculate the cost of goods sold. (Assume uses the periodic inventory system.) Net Sales Revenue Purchases Purchase Retums and Alkowances 5200,000 90 Purchase Discounts t In Beginning Merchandise Inventory Ending Merchandise Inventory 64,000 37 C) $59,800 D) $115,650 A) $113,800 B) 551,650 14) 14) On a balance sheet for a merchandiser, Merchandise Inventory is listed as atn) D) revenue C) expense A) current liabilityB) current asset