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Multiple choice needed the most Returned merchandise paid for within the discount period for a Cash refund. This will be recorded with: A) a credit
Multiple choice needed the most Returned merchandise paid for within the discount period for a Cash refund. This will be recorded with: A) a credit to a liability B) a credit to an asset C) a debit to a liability D) a debit to an asset. Jenny's accessories bought 50 necklaces for $10 each on account. The invoice included a 2% sales tax and payment terms of 2/10, n, n/30. In addition, 5 necklaces were returned prior to payment. The entry to record the return would include: A) a debit to Accounts Payable for $50,000 B) a debit to Accounts Payable for $51,00 C) a debit to Accounts Returns and allowances for $50,00. D) a debit to Purchases Returns and Allowances for $51,00. The accounts payable subsidiary ledger: A) lists accounts alphabetically. B) Lists accounts for which the company owes money C) has a controlling account in the general ledger. D) All of the above are correct Journalize the following transactions. All purchases are on account and subject to terms of 2/10, n/30. The periodic inventory method is used. Journalize the Nov. 3 transaction Journalize the Nov. 5 transaction Journalize the Nov. 7 transaction
Multiple choice needed the most
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