Question: Using a perpetual inventory system, the entry to record the return of merchandise purchased on account includes a)a credit to Accounts Payable b)debit to Cost

Using a perpetual inventory system, the entry to record the return of merchandise purchased on account includes

a)a credit to Accounts Payable

b)debit to Cost of Merchandise Sold

c)credit to Sales

d)credit to Merchandise Inventory

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock 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:

Merchandise is sold for cash. The selling price of the merchandise is $4,000, and the sale is subject to a 4% state sales tax. The journal entry for the sale would include a credit to a. Cash for...

Q:

For a buyer using a perpetual inventory system, the entry to record the return of merchandise purchased on account includes a a. credit to Merchandise Inventory b. debit to Cost of Merchandise Sold...

Q:

Using a perpetual inventory system, the entry to record the return of merchandise purchased on account includes a Oa. credit to Accounts Payable Ob. credit to Sales c. credit to Inventory O d. debit...

Q:

Using a perpetual inventory system, the entry to record the return of merchandise purchased on account includes a Calculator Using a perpetual inventory system, the entry to record the return of...

Q:

12&13,14&15 Question 12 2 pts Merchandise is ordered on November 10; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed by the seller on November 13; the...

Q:

Question Completion Status: 4 points Save Answ QUESTION 17 The use of subsidiary ledgers is limited to Accounts Payable and Accounts Receivable. True False 4 points Save Answer 3 QUESTION 18 Using a...

Q:

Using a perpetual inventory system, the entry to record the return of merchandise purchased on account includes a Credit to Merchandise Inventory Debit to Cost of Merchandise Sold Credit to...

Q:

Content Area Using a perpetual inventory system, the entry to journalize the return of merchandise purchased on account includes a a. debit to Cost of Goods Sold b. credit to Sales c. credit to...

Q:

Using a periodic inventory system, the entry to record the purchase of merchandise on account involves a A. debit to Accounts Payable B. debit to Purchases C. credit to Inventory D. debit to Inventory

Q:

29. The journal entry to close the Fees Earned, $275, and Rent Revenue, $200, accounts on December 31st during the closing process would be a. Dec. 31 Fees Earned 275 200 75 Rent Revenue Income...

Q:

What are frames?

Q:

Kim Blair invested $7500 in a business on January 1. She withdrew $900 on March 1, reinvested $1500 on August 1, and withdrew $300 on September 1. What is Kims average monthly investment balance for...

Q:

2 - What to businesses communicate to users through their Balance Sheet? 3 - What do businesses communicate to users through their Statement of Cash Flows?

Q:

What role does the purpose, or vision, slide play in your pitch deck? It is your list of long - term goals. It is a quick overview of your company. It is your mission statement. It is your personal...

Q:

1. Oprah Winfrey is one of Americas most popular talk-show hosts. Consider the behaviors she displays on her show, and then complete the following exercises:

Q:

2. Print out the most recent e-mails that you have sent or received and bring them to class. Analyze their effectiveness in terms of the e-mail tips in this chapter. Did the messages violate any of...

Q:

3. Lets assume that you have been hired to study the series of mix-ups that involved personnel employed by Automatic Elevator, Cardinal Health, and Duke Hospitals; propose your recommendation that...