Inventory purchased on credit was returned to the supplier.
A) an asset increased and another asset decreased
B) an asset decreased and an expense increased
C) an asset decreased and a liability decreased
D) a liability increased and an expense increased
Correct Answer:
Verified
Q8: Inventory is purchased on credit,when:
A) one asset
Q9: An electricity account was paid.There was no
Q10: An account for advertising was received.There was
Q11: Equipment is purchased on credit,when:
A) one asset
Q12: Equipment is purchased for cash,when:
A) one asset
Q13: A $10 000 receipt was received from
Q14: A company borrows money to purchase equipment,when:
A)
Q15: Income tax previously provided for was paid.
A)
Q16: Consider the following transactions:
(i)issued share capital
Q17: A bill from a consultant was received
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