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2 points A company uses the perpetual inventory system and recorded the following journal entry: Debit Merchandise Inventory $3,750 and Credit Cash $3,750. This entry reflects: O Payment on account and recognition of cash discount taken O Purchase of merchandise O Sale of merchandise O Return of merchandise Question 1.27 2 points A company purchased $2,000 of merchandise on November 2 with terms 2/10, n/30. On November 8, it returned $500 worth of merchandise. On November 10, it paid the invoice. The amount paid on November 10 equals. O$2,000 $1,960 O $1,500 o $1,470 Question 1.28 Sales returns and allowances are: 2 points O Determined at the end of the year O Recorded as a direct reduction in sales O The same as purchase returns and allowances O Recorded in a separate contra-revenue account