n a perpetual inventory system, companies keep detailed inventory records of the on hand throughout the period 34. pany A purchases $1,200 of merchandise from Company B on July 1 with credit terms P10, n/30. Company A returns $200 of the merchandise on July 5. On July 11, Company 35. Com B received full payment from Company A. The amount of the payment on July 11 is a. $20. b. $980. C. $1,000. d. $990. 36. A multiple-s tep income statement distinguishes between operating and non-operating activities. 37. Accounting issues associated with accounts receivable include all of the following except a. analyzing accounts receivable b. disposing of accounts receivable. c. recognizing accounts receivable. d. valuing accounts receivable. 38. When the current replacement cost of inventory is less than its cost, it is written down to a. LIFO value. b. average-cost value. c. market value. d. FIFO value 39. A company determines the cost of goods sold each time a sale occurs in a. a periodic inventory system only. b. a perpetual inventory system only. c. both a periodic and perpetual inventory system. d. neither a periodic nor perpetual inventory system. 40. In recording the sale of accounts receivable, the commission charged by a factor is recorded as a. Loss on Sale of Receivables. b. Bad Debt Expense. c. Service Charge Expense. d. Commission Expense