10. The account for merchandise inventory reflects all the following, EXCEPT: a) includes any purchase discounts....

 

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10. The account for merchandise inventory reflects all the following, EXCEPT: a) includes any purchase discounts. b) includes any returns and allowances. c) includes any necessary freight costs. d) is a long-term asset.. e) Merchandise inventory reflects all of the above. 11. A debit memorandum is: a) The document a buyer issues to inform the seller of a debit made to the seller's account in the buyer's records.. b) The source document for the purchase of merchandise inventory. c) Required when a purchase discount is granted. d) The document a seller issues to inform the buyer of a debit made to the buyer's account in the seller's records. e) Not necessary in a perpetual inventory system. 12. JoeCo purchased $1,800 of merchandise on December 5. On December 7, it returned $200 of the merchandise. On December 8, it paid the balance in full, taking a 2% discount. The amount of the cash paid on December 8 equals: a) $200. b) $1,568. c) $1,564. d) $1,600. e) $1,800. 10. The account for merchandise inventory reflects all the following, EXCEPT: a) includes any purchase discounts. b) includes any returns and allowances. c) includes any necessary freight costs. d) is a long-term asset.. e) Merchandise inventory reflects all of the above. 11. A debit memorandum is: a) The document a buyer issues to inform the seller of a debit made to the seller's account in the buyer's records.. b) The source document for the purchase of merchandise inventory. c) Required when a purchase discount is granted. d) The document a seller issues to inform the buyer of a debit made to the buyer's account in the seller's records. e) Not necessary in a perpetual inventory system. 12. JoeCo purchased $1,800 of merchandise on December 5. On December 7, it returned $200 of the merchandise. On December 8, it paid the balance in full, taking a 2% discount. The amount of the cash paid on December 8 equals: a) $200. b) $1,568. c) $1,564. d) $1,600. e) $1,800.

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Ans 10 option d is a long term asset merchandise in... View the full answer