Author Question: The purchases method of accounting is permitted for a. materials and supplies, but not for ... (Read 85 times)

karen · **on:** Jul 6, 2018

The purchases method of accounting is permitted for

a. materials and supplies, but not for prepaid insurance.
b. prepaid insurance, but not for materials and supplies.
c. neither prepaid insurance nor materials and supplies.
d. both prepaid insurance and materials and supplies.

Question 2

Transactions for purchases returns and allowances affecting Accounts Payable are recorded in the general journal.
a. True
b. False
Indicate whether the statement is true or false