Multiple Choice
If a perpetual inventory system is used instead of a periodic system, identify the accounts that the
Merchandise Inventory account replaces.
A) Purchases, Sales, Freight In
B) Purchases, Cost of Goods Sold
C) Purchases, Accounts Receivable, Freight In
D) Purchases, Purchase Returns and Allowances, Freight In
Correct Answer:
Verified
Correct Answer:
Verified
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
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
Q103: A creditor's account in the accounts payable