QUESTION $4$

Days' Sales in Receivables is calculated as follows:

a$.$ Accounts receivable divided by Revenues.

b$.365$ days divided by Accounts receivable turnover ratio.

c$.$ Net Credit Sales divided by Average net accounts receivables.

d$.$ Net Credit Purchases divided by Average net accounts receivables.

e$.$ None of the above

QUESTION $5$

Under the Perpetual inventory system, the entry to record transportation cost for merchandise being SOLD $($Freight Out$)$ would be:

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

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

c$.$ Dr$.$ A$/$P; Cr$.$ Delivery Expense

d$.$ Dr$.$ Delivery Expense; Cr$.$ A$/$P

e$.$ None of the above