Net purchases are:
A) Purchases + Purchases Returns and Allowances.
B) Purchases - Purchases Discount - Purchases Returns and Allowances.
C) Purchases - Freight - Purchases Returns and Allowances.
D) Purchases + Freight-in + freight-out.
Correct Answer:
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Q15: When merchandise is bought for resale,which of
Q16: A cost account is treated the same
Q17: A debit memorandum decreases which account on
Q19: A characteristic of Purchases Returns and Allowances
Q20: Purchases is a(n):
A)cost.
B)asset.
C)liability.
D)contra-asset.
Q21: Purchases Returns and Allowances:
A)decrease net income.
B)increase net
Q22: The freight paid on goods purchased F.O.B.Shipping
Q23: A purchase discount correctly taken was debited
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