Multiple Choice
Which of the following transactions will cause one asset to be debited and another to be credited when the perpetual inventory system is in use?
A) Purchased merchandise inventory on account
B) Purchased merchandise inventory for cash
C) Purchased office supplies on account
D) Returned merchandise inventory for credit
Correct Answer:

Verified
Correct Answer:
Verified
Q99: John bought goods for $390 on credit.
Q100: Merchandise Inventory is what type of account?<br>A)
Q101: On October 6, Mark purchased merchandise for
Q102: If a debit memorandum is issued, the
Q103: Jim's Accessories bought 150 necklaces for $40
Q105: Before paying an invoice, the accounting department
Q106: Sam's Online Service on April 30 has
Q107: The term F.O.B. means:<br>A) free on board.<br>B)
Q108: The Merchandise account normally has a credit
Q109: The buyer issues a debit memorandum to