Using a perpetual inventory system, the entry to record the ...

[tuffie]

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

[lucas dlamini]

Answer to Question 1

c

Answer to Question 2

A

[tuffie]

Thank you

[lucas dlamini]

No problemo