Question 3 (0.8 points) An accounts receivable ledger is a: Subsidiary ledger that contains an account for each supplier. List of the separate accounts that show the balances outstanding from credit customers. Book of original entry that is designed and used for recording only sales on credit. Ledger that contains all financial statement accounts of a business. Subsidiary ledger that contains a separate account for each party that grants both short-term and long-term credit on account to the company. Question 4 (0.8 points) The understatement of the ending inventory balance causes: Cost of goods sold to be overstated and net income to be understated. Cost of goods sold to be overstated and net income to be overstated. Cost of goods sold to be understated and net income to be understated. Cost of goods sold to be understated and net income to be overstated. Cost of goods sold to be overstated and net income to be correct. Question 5 ( 0.8 points) Monarch Company uses a weighted-average perpetual inventory system and has the following purchases and sales: What is the value of cost of goods sold? $278. $272. $126. $398. $120