Under a perpetual inventory system, the purchase of merchandise inventory on account is debited to

purchases account

cash

merchandise inventory

accounts payable

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Question 21 ptsThe journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit

The journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit

accounts payable

cash

merchandise inventory

accounts receivable

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Question 31 ptsMerchandise Inventory account is used in each of the following except the entry to record

Merchandise Inventory account is used in each of the following except the entry to record

goods purchased on account.

the return of goods purchased.

payment of freight on goods sold.

payment within the discount period.

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Question 41 ptsA buyer would record a payment within the discount period under a perpetual inventory system by crediting

A buyer would record a payment within the discount period under a perpetual inventory system by crediting

accounts payable

merchandise inventory

cost of goods sold

sales discounts

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Question 51 ptsGeran Company purchased merchandise inventory with an invoice price of $4,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Geran Company pays within the discount period?

Geran Company purchased merchandise inventory with an invoice price of $4,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Geran Company pays within the discount period?

4000

3200

3960

3920

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Question 61 ptsSkip to question text.

Tony