Under the perpetual inventory system, a company purchases ...

[mmm]

Under the perpetual inventory system, a company purchases merchandise on terms 2/10, n/30 . The entry to record the purchase will include a debit to Cash and a credit to Sales.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

The effect of drawing transactions on the capital account is formalized at any time during the accounting period.
 a. True
   b. False
   Indicate whether the statement is true or false

[katkat_flores]

Answer to Question 1

False

Answer to Question 2

False

[mmm]

Great answer, keep it coming

[diana chang]

Thanks for the timely response, appreciate it