Which journal entry properly records the transaction for a sale of merchandise on account on a perpetual basis. The Sales Price was exist100 and the cost value of the goods was exist60: a. Accounts Receivable 100 Sales 100 Merchandise Inventory 60 Cost of Merchandise Sold 60 b. Accounts Receivable 100 Sales 100 Cost of Merchandise Sold 60 Merchandise Inventory 60 c. Sales 100 Accounts Receivable 100 Cost of Merchandise Sold 60 Merchandise Inventory 100 d. Sales 100 Cost of Merchandise Sold 100 Accounts Receivable 60 Merchandise Inventory 60 Which journal entry properly records the transaction to purchase merchandise on account from a supplier on a perpetual basis. The cost of the merchandise purchased was exist30: a. Merchandise Inventory 30 Cost of Merchandise Sold 30 b. Purchases 30 Accounts Payable 30 c. Accounts Payable 30 Merchandise Inventory 30 d. Merchandise Inventory 30 Accounts Payable 30 In accrual accounting, Revenues are reported on the Income Statement when a. The service has been performed and earned. b. The cash has been received. c. A contract has been signed. d. The merchandise is ordered. In accrual accounting, Repair Expense would be reported on the Income Statement in the period a. The cash was paid to the repair man. b. The repair man provides an estimate. c. The repair was performed--incurred. d. None of the above are correct