1. When a merchandiser sells on account which of the following is not needed to

1. When a merchandiser sells on account which of the following is not needed to record the transaction?A. CashB. Cost of goods soldC. Accounts receivableD. Inventory2. Meranda Corporation purchases $3500 of inventory on account from Ashley Corporation. The journal entry to record this purchase for Meranda under a perpetual inventory system isA. debit Inventory; credit Accounts Payable Meranda.B. debit Accounts Payable-Ashley; credit Inventory.C. debit Inventory; credit Accounts Payable Ashley.D. debit Inventory; credit Cash.3. If current assets decrease and current liabilities increase the current ratioA. decreases.B. remains the same.C. will change based on the change in total assets.D. increases.4. Net sales times the historical gross profit percentage yields the estimatedA. gross profit.B. beginning inventory.C. ending inventory.D. cost of goods sold.