Ch 8 Section Review 1.3 (Static) Which of the following best... LO 8-1 Which of the following best describes the Purchases account? Multiple Choice a contra revenue account with a normal debit balance a contra cost of goods sold account with a normal credit balance a cost of goods sold account with a normal debit balance a cost of goods sold account with a normal credit balance Ch 8 Section Review 1.5 (Static) When the sales department needs... LO 8-1 When the sales department needs goods, what document is sent to the purchasing department? Multiple Choice purchase order sales order purchase requisition sales requisition A purchase invoice for $5,000 has credit terms of 1/10,n/30. Assuming the invoice is paid within 10 days, the amount paid is Multiple Choice $4,995. $5,050. $5,000. $4,950. Which of the following columns are included in a Purchases Journal? Multiple Choice Accounts Payable Credit, Purchases Debit, Freight In Debit Accounts Payable Debit, Purchases Debit, Freight In Debit Accounts Receivable Debit, Purchases Debit, Freight In Debit Accounts Receivable Credit, Purchases Debit, Freight In Debit Which of the following would report the balance owed to an individual supplier? Multiple Choice the accounts receivable ledger the accounts payable ledger the Accounts Receivable account in the general ledger the Accounts Payable balance in the general ledger If freight is paid for purchase of equipment to be used by the business, the freight charges are debited to Multiple Choice Freight In. Merchandise Inventory. Purchasing Expense. Equipment. What form is sent to the supplier to order goods? Multiple Choice purchase invoice purchase order sales order sales invoice