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Question 20 2.5 pts Merchandise Inventory is what type of account? Liability Expense Asset Contra-Asset Flag this Question Question 21 2.5 pts Returned merchandise for

Question 20 2.5 pts
Merchandise Inventory is what type of account?
Liability
Expense
Asset
Contra-Asset
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Question 21 2.5 pts
Returned merchandise for credit on account. The perpetual inventory system is in use. This will be recorded with:
a debit to an asset and a credit to a liability.
a debit to an asset and a credit to an expense.
a debit to a liability and a credit to an expense.
a debit to a liability and a credit to an asset.
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Question 22 2.5 pts
Returned merchandise paid for within the discount period for cash. The perpetual inventory system is in use. This will be recorded with:
a debit to a liability and a credit to purchases.
a debit to an expense and a credit to a liability.
a debit to an expense and a credit to an asset.
a debit to an asset and a credit to an asset.
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Question 23 2.5 pts
If merchandise was bought for Cash, the same entry would be made on the company's books regardless of the type of inventory method is used.
True
False

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