Question 1 05 out of 55 poi begins with the purchase of merchandise and ends with the collection of cash from the sale of merchandise. accounting cycle Answers cash payment cycle. collection cycle operating cycle. Question 2 0.5 out of 5 points Dawn Company uses a perpetual inventory system made a purchase of merchandise on credit from Wagne Corporation on August 3, for $10,000, terms 2/10, n/45. On August 10, Dawn makes the appropriate payment to Wagne. The entry on August 10 for Dawn Company is Answer Dr...Accounts payables 9,800 Cr...Cash 9,800 Dr. Accounts payables 10,000 Cr...Cash Dr....Accounts Payable 10,000 10,000 140 9,860 Cr...Purchase Returns and Allowances Cr...Cash Dr...Accounts payables 10,000 Cr...Inventory Cr...Cash 200 9,800 0.5 out of 9.5