Which of the following will be recorded in the general journal when using a manual accounting information system? O purchase of merchandise inventory on account sale of merchandise inventory on account adjusting and closing entries O payment of accounts payable QUESTION 2 The purchases journal is a special journal that has special columns for credits to merchandise inventory is used to record all purchases of merchandise inventory is used to record merchandise inventory, office supplies, and other assets purchased on account has a special column for debits to accounts payable QUESTION 3 Which of the following statements is TRUE for financial leverage? The asset turnover ratio measures financial leverage. Financial leverage always increases profitability Financial leverage is measured in the proportion of total assets relative to total equity. The higher the debt to equity ratio, the higher the financial leverage