Multiple Choice
Nice Guys Apparel received a $200 credit memorandum as an allowance for goods that it returned to one of its suppliers. Identify the statement below that would be correct when posting the transaction.
A) A credit of $200 would be posted to the Purchases account in the general ledger.
B) A debit of $200 would be posted to the supplier's account in the accounts payable ledger.
C) A debit of $200 would be posted to the supplier's account in the accounts receivable ledger.
D) A credit of $200 would be posted to the Accounts Receivable account in the general ledger.
Correct Answer:
Verified
Correct Answer:
Verified
Q87: If an amount recorded in the general
Q88: Purchases returns and allowances are recorded in
Q89: The Freight In account should have a(n)_
Q90: A cash discount offered by the supplier
Q91: For each of the transactions listed below,
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
Q97: The entry to record a purchase of