Purchases Returns and Allowances:
A) decrease net income.
B) increase net income.
C) increase accounts payable.
D) Not enough information provided.
Correct Answer:
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Q16: A cost account is treated the same
Q17: A debit memorandum decreases which account on
Q18: Net purchases are:
A)Purchases + Purchases Returns and
Q19: A characteristic of Purchases Returns and Allowances
Q20: Purchases is a(n):
A)cost.
B)asset.
C)liability.
D)contra-asset.
Q22: The freight paid on goods purchased F.O.B.Shipping
Q23: A purchase discount correctly taken was debited
Q24: The entry to record a purchase of
Q25: Purchases discounts:
A)decrease net income.
B)increase net income.
C)increase accounts
Q26: Office Supplies (not used for resale)bought on
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