that the company rocords purchases using the net method and a perpenaal inventory system. connect Fill in the blanks in the following separate income statements a through e. EXERCISES Exercise 5-1 Computang revenusts, experses, and income Cl The operating cycle of a merchandiser with credit sales includes the following five activities. Starting with Exercise 52 merchandise acquisition, identify the chronological order of these five activities. a.Preparemerchandiseforsale.b.Collectcashfromcustomersonaccount.d.Purchasemerchandise.e.Monitorandserviceaccountsreceivable. c. Make credit sales to customers