Jones company sold merchandise on account for $70,000. this merchandise cost $52,000. the company uses the perpetual method of accounting for inventory. what would be the correct journal entry or entries to record the transaction? a. accounts receivable 70,000 merchandise inventory 52,000 gain on sale 18,000 b. accounts receivable 70,000 sales revenue 70,000 cost of goods sold 52,000 merchandise inventory 52,000 c. accounts receivable 18,000 cost of goods sold 52,000 sales revenue 70,000 d. accounts receivable 70,000 sales revenue 70,000

For each of the following cases determine the ending balance in the inventory account. (hint: first, determine the total cost of inventory available for sale. next, subtract the cost of the inventory sold to arrive at the ending balance.)a. jill’s dress shop had a beginning balance in its inventory account of $40,000. during the accounting period jill’s purchased $75,000 of inventory, returned $5,000 of inventory, and obtained $750 of purchases discounts. jill’s incurred $1,000 of transportation-in cost and $600 of transportation-out cost. salaries of sales personnel amounted to $31,000. administrative expenses amounted to $35,600. cost of goods sold amounted to $82,300.b. ken’s bait shop had a beginning balance in its inventory account of $8,000. during the accounting period ken’s purchased $36,900 of inventory, obtained $1,200 of purchases allowances, and received $360 of purchases discounts. sales discounts amounted to $640. ken’s incurred $900 of transportation-in cost and $260 of transportation-out cost. selling and administrative cost amounted to $12,300. cost of goods sold amounted to $33,900.a& b. cost of goods avaliable for sale? ending inventory?