Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need to answer these five questions Question 19 The journal that should be used to record the return of merchandise for credit is the Purchases

Need to answer these five questions
image text in transcribed
Question 19 The journal that should be used to record the return of merchandise for credit is the Purchases journal General journal O Cash payments journal Accounts payable journal Question 20 The Sales Discount account is a(n) revenue account O contra-revenue account expense account contra-expense account Question 21 Assume the gross amount of an invoice is $1,000 and a trade discount of 25% is allowed. The dollar amount of the trade discount is $1,000 $750 $250 $25 Question 22 For Income Statement reporting purposes, Freight-In is subtracted from cost of goods sold added to inventory Osubtracted from net sales added to purchases Question 23 Which of the following accounts would be found in the purchases journal? Sales Cash Returns and Allowances O Freight-In

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions