QUESTION $1$

The company lend money on a long term note receivable. Which journal would the transaction be recorded in$?$

a$.$ General Journal

b$.$ Sales Journal

c$.$ Cash Receipt Journal

d$.$ Purchases Journal

e$.$ Cash Payment Journal

$q,$

QUESTION $2$

Under the Perpetual inventory system, the entry to record the paymelifit of merchandise inventory previously purchased would be: $q,$ a$.$ Dr$.$ A$/$P; Cr$.$ Inventory

b$.$ Dr$.$ Inventory; Cr$.$ A$/$P

c$.$ Dr$.$ A$/$P; Cr$.$ Cash

d$.$ Dr$.$ Cash; Cr$.$ A$/$P

e$.$ None of the above