Multiple Choice
Which of the following best describes inventory item linked accounts -
A) when you purchase the item,the asset account is debited
B) when you sell the item,the revenue account is credited
C) when you sell the item,the cost of goods sold account is debited
D) all of the above
Correct Answer:

Verified
Correct Answer:
Verified
Q9: If freight shipping charges had been incorrectly
Q10: The most recent purchase price becomes the
Q11: In the sales journal,inventory item selection lists
Q12: To report on the number of units
Q13: When setting up a new inventory item
Q15: Regular inventory purchases and sales journal entries
Q16: When you combine a sales return and
Q17: Which of the following statements is true
Q18: Transactions entered in the inventory journals will
Q19: To determine how many items you have