QUESTION 18 A company that makes the following journal entry at the time of purchasing inventory is using which of the following inventory systems Dr. Inventory Cr. Accounts Payable Perpetual system Periodic system Specific identification method Just in time system QUESTION 19 On March 15, 20x1, Jack Company purchased 55,000 of merchandise on credit subject to terms 2/10, 1/20. The periodic inventory system is used. If Jack pays for these goods on March 30, the entry made to record the payment should include which of the following? Credit of $4,900 to cash. Debit of $4,900 to Trade payables. Debit of $5,000 to Trade payables. Credit of $100 to Purchase discounts