Answered step by step
Verified Expert Solution
Question
1 Approved Answer
H File Home U Design B Layout Insert second exam. References Mailings Zakari, Salu Review View 3 - Help Grammarly 0 11) 11) A
H File Home U Design B " Layout Insert second exam. References Mailings Zakari, Salu Review View 3 - Help Grammarly 0 11) 11) A company that uses the perpetual inventory system purchases inventory for $64,000 on account, with terms of 2/10, 1/30. Which of the following is the journal entry to record the payment made within 10 days? A) a debit to Accounts Payable for $62,720, a debit to Merchandise Inventory for $1280, and a credit to Cash for $64,000 B) a debit to Merchandise Inventory for $1280, a debit to Accounts Payable for 564,000, and a credit to Cash for $65,280 C) a debit to Accounts Payable for $64,000, a credit to Cash for 51200, and a credit to Merchandise Inventory for $62,720 D) a debit to Accounts Payable for 564,000, a credit to Merchandise Inventory for $1250, and a credit to Cash for $62,720 12) 12) Under the perpetual Inventory system, when a wholesaler retums the goods purchased on account, the account is credited A) Cost of Goods Sold B) Accounts Receivable C) Merchandise Inventory D) Accounts Payable 13) If goods are sold on terms FOB shipping point, the A) seller normally pays the transportation costs B) buyer and the seller split the transportation costs C) shipping company bears the transportation cost D) buyer normally pays the transportation costs 14) The term "freight out' refers to A) costs that are not actually paid in cash C) cost of inventory purchased B) transportation costs on purchases D) transportation costs on sales 15) FOB destination refers to a situation where title to goods while in transit belongs to the 15) Page 2 of 8 2465 words English (United States) Focus L Q ENG 17/1/2019
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started