A company's ledger is: Group of answer choices A record containing increases and decreases in a specific asset, liability, equity, revenue, or expense item. A journal in which transactions are first recorded. A collection of documents that describe transactions and events entering the accounting process. A list of all accounts a company uses with an assigned identification number. A record containing all accounts and their balances used by the company.

Cherokee inc. is a merchandiser that provided the following information: amount number of units sold 20,000 selling price per unit $ 30 variable selling expense per unit $ 4 variable administrative expense per unit $ 2 total fixed selling expense $ 40,000 total fixed administrative expense $ 30,000 beginning merchandise inventory $ 24,000 ending merchandise inventory $ 44,000 merchandise purchases $ 180,000 required: 1. prepare a traditional income statement. 2. prepare a contribution format income statement.