Multiple Choice
The entry to record a purchase of merchandise on credit includes:
A) a debit to Purchases and a credit to Accounts Payable.
B) a debit to Purchases and a credit to Accounts Receivable.
C) a debit to Accounts Payable and a credit to Purchases.
D) a credit to Purchases and a credit to Accounts Payable.
Correct Answer:
Verified
Correct Answer:
Verified
Q92: Nice Guys Apparel received a $200 credit
Q93: The form sent to the supplier to
Q94: To record a return of merchandise purchased
Q95: Best Value Furniture uses the periodic inventory
Q96: Credit terms of 1/10, n/30 means that:<br>A)payment
Q98: If a perpetual inventory system is used
Q99: The Purchases account is:<br>A)a temporary account.<br>B)a liability
Q100: For each of the transactions listed below,
Q101: Purchases of merchandise on credit should be
Q102: Good internal control requires a _ of