Howdopurchasereturnsandallowancesandpurchasediscountsaffectgrosspurchases?
A. Bothareaddedtopurchases.
Botharesubtractedfrompurchases.
C. Purchasereturnsandallowancesareaddedtopurchases;purchasediscountsaresubtractedfrompurchases.
D. Purchasereturnsandallowancesaresubtractedfrompurchases;purchasediscountsareaddedtopurchases.
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Apurchase:
A. allowanceincreasesthecostoftheinventory.
B. discountincreasesthecostoftheinventory.
C. allowancehasnoeffectonthecostoftheinventory.
D. returndecreasesthecostoftheinventory.
WheninventoryisshippedfromthesellertothebuyerwithshippingtermsofFOBdestination:
A. titlepassesfromthesellertothebuyerwhenthegoodsleavetheseller'sshippingdock.
B. thegoodswillbeincludedintheinventoryoftheselleruntiltheyreachtheirdestination.
C. thebuyerownsthegoodswhiletheyareintransit.
D. thegoodswillbeincludedintheinventoryofthebuyerandthesellerwhiletheyareintransit.
Usingaperpetualinventorysystem,whichofthefollowingentrieswouldrecordthecostofmerchandisesoldoncredit?
A. SalesDiscountsAccountsPayable
B. CostofGoodsSoldPurchasesDiscounts
CostofGoodsSoldInventory
D. InventoryCostofGoodsSold
Usingaperpetualinventorysystem,whichofthefollowingentrieswouldrecordthesaleofmerchandisesoldoncredit?
A. SalesDiscountsAccountsPayable
B. AccountsReceivableInventory
C. AccountsReceivableCostofGoodsSold
D. AccountsReceivableSales Revenue
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