Question 8 5 pts Merchandise inventory is reported in the long-term assets section of the balance sheet, True False Question 9 5 pts A perpetual inventory system: Glves a continual record of the amount of Inventory available. Uses a purchases account for the cost of new purchases. O Must be used by companies with computerized accounting system 5 pts Question 10 Adebit to Sales Returns and Allowances and a credit to Accounts Receivables hop