A discount on merchandise purchased would be a:
A) debit to Accounts Receivable, and a credit to Merchandise Inventory.
B) debit to Merchandise Inventory, and a credit to Accounts Receivable.
C) debit to Accounts Payable, and a credit to Merchandise Inventory.
D) debit to Merchandise Inventory, and a credit to Accounts Payable.
Correct Answer:
Verified
Q35: Purchased office supplies on account. This will
Q36: Discounts are taken on:
A) shipping expense.
B) Merchandise
Q37: When purchasing merchandise inventory:
A) a debit entry
Q38: A discount on a purchase was debited
Q39: Which of the following transactions will cause
Q41: The return of merchandise to the supplier
Q42: Explain the difference between F.O.B. shipping point
Q43: On October 6, Mark purchased merchandise for
Q44: The seller's sales invoice is the buyer's
Q45: To prove the subsidiary ledger agrees with
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