Question: A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts Payable B) Purchase Returns and Allowances C) Inventory D) Purchases

A purchase return or allowance under a perpetual inventory system is credited to:

A) Accounts Payable

B) Purchase Returns and Allowances

C) Inventory

D) Purchases

Step by Step Solution

★★★★★

3.45 Rating (155 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Under Perpetual Inventory system the jou... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Under a perpetual inventory system which accounts should be debited each time a sale on the account is made? a. Accounts Payable and Purchases. b. Accounts Receivable and Cost of Goods Sold. c....

Q:

Why do sales transactions under a perpetual inventory system require two journal entries?

Q:

Why do sales transactions under a perpetual inventory system require two journal entries?

Q:

1)ales revenue minus sales returns and allowances and sales discounts equals: Question 1 options: gross margin. income from operations. cost of goods sold. net sales. 2) What is the difference...

Q:

1) ABC Companys December 31, 2017 inventory value was reported $ 500,000. The physical inventory count value was $ 475,000. The adjusting entry required to record the discrepancy was: A) Debit Cost...

Q:

5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts Payable B) Purchase Returns and Allowances C) Inventory D) Purchases 6) Which of the following...

Q:

Much that is not my w in the financial statements w e w a y ant to change 3) The me pan during which is not good and services are sold to sustomers who in umpay for the purchas e of accounting cycle...

Q:

2 SUMMER 2023 - Personal - Microsoft Edge son.com/Student/PlayerTest.aspx?testid=252139841erwin-yes ESDAYS 10:30-12:20 115-MID-TERM 2 23 ver K Question 1 of 30 gursimran kaur 07/14/23 10:32 AM OA....

Q:

7. Calculate the net profit for Petong Enterprise based on the data given below: A. RM753,250 B. RM700,750 C. RM162,750 D. RM215,250 8. The major revenue of merchandiser is while the major expense(s)...

Q:

3 . A purchase return or allowance under a perpetual inventory system is credited to: A ) Accounts Payable. B ) Purchase Returns and Allowances. C ) Inventory. D ) Purchases.

Q:

Why does a TiN-coated tool consume less power than an un-coated HSS under exactly the same cutting conditions?

Q:

In 1997, Oxford Health Plans had a computer problem that caused the company to overestimate revenue and underestimate medical costs. Problems were caused by the migration of its claims processing...

Q:

Differentiate. f ( x ) = ( 5 x 2 - 2 x ) e x f ' ( x ) = Need Help? SCALCET 9 3 . 2 . 0 1

Q:

What is the main advantage of issuing bonds instead of issuing shares to investors?

Q:

Nottebart Corporation has outstanding 10,000 shares of $100 par value, 6% preferred stock and 60,000 shares of $10 par value common stock. The preferred stock was issued in January 2010, and no...

Q:

What is the main difference between notes payable and bonds payable?

Q:

Nature's Juice Corporation operates three divisions that process and bottle natural fruit juices. The historical-cost accounting system reports the following information for 2017: Nature's Juice...

Q:

Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2010, Sprinkle reacquired 100 shares at $87 per share. On September 1, Sprinkle reissued 60 shares at $90 per...

Q:

Problem 2 (20 points, CCO #3) A water tank has an inlet and an outlet as shown in Fig. 2. The density of water is 1000 kg/m3. The inlet velocity is 0.1 m/s. The cross-sectional area of the inlet is...

Q:

Guitar Universe, Inc., is a popular source of musical instruments for professional and amateur musicians. The companys accountants make necessary adjusting entire monthly, and they make all closing...

Q:

The Berridge Company is a discount tire dealer that operates 25 retail stores in a metropolitan area. The company maintains a centralized purchasing and warehousing facility and employs a perpetual...

Q:

Selected transactions completed by Calico Interiors, Inc., during its first fiscal year ending December 31 were as follows: Jan. 2. Issued a check to establish a petty cash fund of $800. Mar. 1....

Q:

On July 31, 2008, the balances of the accounts appearing in the ledger of Odell Company are as follows: Instructions 1. Does Odell Company use the periodic or perpetual inventory system? Explain. 2....

Q:

Copple Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Copple showed Cash of $5,000 and Common Stock of $5,000. May 1...

Q:

The Green Thumb Gardener is a retail store that sells plants, soil, and decorative pots. On December 31, 2016, the firms general ledger contained the accounts and balances that appear below. ACCOUNTS...