The business idea was a coffee shop( from ass. #1)

2. Based on your business which method would your business idea (from assignment #1), use to account of inventory? And why pick this method? (.5 points) 3. On July 1, Corrao Company purchased $1600 of inventory on account with credit terms of 2/10, net 30. Corrao Company uses the perpetual inventory system. On July 5, Corrao Company paid the amount due. What journal entry did they prepare on July 5? (1 point) 4. What are some current or long term liabilities your business has with dollar amount $$? Require to Please list a minimum of 5 either or both long term or short term liabilities of your business and amounts. (1 point) 2. Based on your business which method would your business idea (from assignment #1), use to account of inventory? And why pick this method? (.5 points) 3. On July 1, Corrao Company purchased $1600 of inventory on account with credit terms of 2/10, net 30. Corrao Company uses the perpetual inventory system. On July 5, Corrao Company paid the amount due. What journal entry did they prepare on July 5? (1 point) 4. What are some current or long term liabilities your business has with dollar amount $$? Require to Please list a minimum of 5 either or both long term or short term liabilities of your business and amounts. (1 point)