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Author Question: Using a perpetual inventory system, the entry to record the return of merchandise purchased on ... (Read 145 times)

tuffie

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on: Jul 5, 2018
Using a perpetual inventory system, the entry to record the return of merchandise purchased on account includes a
 a. debit to Cost of Merchandise Sold
  b. credit to Accounts Payable
  c. credit to Merchandise Inventory
  d. credit to Sales

Question 2

Team Shirts has 200 in its Prepaid insurance account on June 30. This amount is for insurance for July and August. It represents a ________.
 
  A) current asset
  B) long-term asset
  C) current liability
  D) long-term liability


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lucas dlamini

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Reply #1 on: Jul 5, 2018
Answer to Question 1

c

Answer to Question 2

A


tuffie

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Reply #2 on: Jul 5, 2018
Thank you


lucas dlamini

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Reply #3 on: Jul 5, 2018
No problemo


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