The entry to record a purchase of $5,000 on account,terms of 2/10,n/30,would include a:
A) debit to Purchases Discount for $100.
B) credit to Accounts Payable for $5,000.
C) debit to Accounts Payable for $5,000.
D) credit to Cash for $5,000.
Correct Answer:
Verified
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
Q24: Before paying an invoice, the accounting department
Q25: Purchases discounts:
A)decrease net income.
B)increase net income.
C)increase accounts
Q26: Office Supplies (not used for resale)bought on
Q28: Which of the following transactions will cause
Q29: A characteristic of Purchases is:
A)it has a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents