journal entries will Jay's Limo Services made to record this trametion? A) Common Stock Dividends 100 Dividends Retained Earnings 100 D) Common Stock Dividend Divideo 37) 37) The total amount of depreciation recorded against an asset over the entire time the asset has been owned: A) Is referred to as accumulated depreciation B) is only recorded when the asset is disposed of C) Is shown on the income statement of the final period D) Is referred to as an accrued asset E) Is referred to as depreciation expense. 38) 38) A company purchased $1,800 of merchandise on July 5 with terms 2/10,n/30. On July 7. it returned $200 worth of merchandise. On July 12, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is: A) Debit Merchandise Inventory S1.600: credit Cash $1,600 B) Debit Cash $1,600; credit Accounts Payable 51.600 C) Debit Accounts Payable 51,600; credit Merchandise Inventory S32: credit Cash $1.568. D) Debit Accounts Payable 51,600; credit Cash $1.600 E) Debit Accounts Payable S1.800; credit Cash S1.800