Multiple Choice
Purple Corp.purchased $10,000 of merchandise on June 3,subject to the terms,2/10,n/30.On June 9,it pays for all the merchandise purchased on June 3.The entry on June 9 will reduce:
A) Accounts Payable by $9,800.
B) net income by $200.
C) stockholders' equity by $200.
D) Inventory by $200.
Correct Answer:
Verified
Correct Answer:
Verified
Q106: Sales discounts are discounts that consumers get
Q107: The perpetual inventory method of tracking inventory
Q108: Which of the following statements regarding shrinkage
Q109: On April 6,Portland purchased $25,000 of inventory,terms
Q110: Neakanie Industries sells specialized mountain bikes.Each specialized
Q112: When using a perpetual inventory system,the Cost
Q113: Generally,a physical count of inventory is performed
Q114: To determine cost of goods sold for
Q115: Match the term to the appropriate definition.There
Q116: FAD Company uses a periodic inventory system