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If a purchaser using a perpetual inventory system pays the transportation costs, then the

a. Merchandise Inventory account is increased

b. Merchandise Inventory account is not affected

c. Freight-out account is increased

d. Delivery expense account is increased

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Tod Thiel
Tod ThielLv2
1 Apr 2020
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Related questions

Under a perpetual inventory system, the acquisition of merchandise for resale is debited to

a. Cost of merchandise sold account

b. Purchases account

c. Inventory account

d. Supplies account

16) Petty cash payments are recorded in the accounting systemwhen:

the petty cash fund needs to be replenished

a payment is made out of petty cash

a bank reconciliation is prepared for the petty cash fund

cash is received from returns of merchandise

21)

In a perpetual system, when inventory is sold on account:

Sales Revenue is increased and Accounts Receivable isdecreased.

Sales Revenue, Cost of Goods Sold, and Accounts Receivable areincreased while Inventory is decreased.

Sales Revenue and Accounts Receivable are increased, and Cost ofGoods Sold and Inventory are decreased.

Sales Revenue is increased and Inventory is decreased.

22 )

Multistep income statements:

are required for merchandise companies.

contain more detail than just listing revenues and expenses.

are required when the perpetual inventory method is used.

classify Cost of Goods Sold as a selling expense.

Under the perpetual inventory system, all purchases of merchandise are debited to the account

a. Merchandise Inventory

b. Cost of Merchandise Sold

c. Cost of Merchandise Available for Sale

d. Purchases

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