This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Using a perpetual inventory system, the entry to record the return of merchandise purchased on ... (Read 150 times)

tuffie

  • Hero Member
  • *****
  • Posts: 534
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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

lucas dlamini

  • Sr. Member
  • ****
  • Posts: 327
Reply #1 on: Jul 5, 2018
Answer to Question 1

c

Answer to Question 2

A


tuffie

  • Hero Member
  • *****
  • Posts: 534
Reply #2 on: Jul 5, 2018
Thank you


lucas dlamini

  • Sr. Member
  • ****
  • Posts: 327
Reply #3 on: Jul 5, 2018
No problemo


« previous next »
 

Did you know?

The lipid bilayer is made of phospholipids. They are arranged in a double layer because one of their ends is attracted to water while the other is repelled by water.

Did you know?

The top 10 most important tips that will help you grow old gracefully include (1) quit smoking, (2) keep your weight down, (3) take supplements, (4) skip a meal each day or fast 1 day per week, (5) get a pet, (6) get medical help for chronic pain, (7) walk regularly, (8) reduce arguments, (9) put live plants in your living space, and (10) do some weight training.

Did you know?

As many as 20% of Americans have been infected by the fungus known as Histoplasmosis. While most people are asymptomatic or only have slight symptoms, infection can progress to a rapid and potentially fatal superinfection.

Did you know?

The human body produces and destroys 15 million blood cells every second.

Did you know?

Medications that are definitely not safe to take when breastfeeding include radioactive drugs, antimetabolites, some cancer (chemotherapy) agents, bromocriptine, ergotamine, methotrexate, and cyclosporine.

The conduction system of the heart; traces the path of the electrical impulse that stimulates the he The conduction system of the heart; traces the path of the electrical impulse that stimulates the he
Lymphatic system. Lymphatic system.
Pathways of the Auditory System Pathways of the Auditory System
A GDI system uses a low-pressure pump in the gas tank similar to other types of fuel-injection ... A GDI system uses a low-pressure pump in the gas tank similar to other types of fuel-injection ...
The Digestive System "الجهاز الهضمي" The Digestive System "الجهاز الهضمي"
What would be the appropriate equilibrium temperature of a system obtained by adding 25.0 g of ... What would be the appropriate equilibrium temperature of a system obtained by adding 25.0 g of ...
Video: Gastrin (gastric emptying) & Secretin (buffering gastric acid)

For a complete list of videos, visit our video library