Author Question: Under the perpetual inventory system, a company purchases merchandise on terms 2/10, n/30 . The ... (Read 56 times)

mmm · **on:** Jul 5, 2018

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