Assuming that you are a wholesale merchandiser. You sold goods to retail merchandiser under the credit terms of 3/10 n/60. Which of the following Journal entry will be recorded in your business assuming that you are using a periodic inventory system? a. Debit Purchase Credit Accounts payable b. Debit Accounts payable Credit Purchase c. Debit Accounts receivable Credit Sales d. Debit Cash Credit Accounts
Assuming that you are a wholesale merchandiser. You sold goods to retail merchandiser under the credit terms of 3/10 n/60. Which of the following Journal entry will be recorded in your business assuming that you are using a periodic inventory system? a. Debit Purchase Credit Accounts payable b. Debit Accounts payable Credit Purchase c. Debit Accounts receivable Credit Sales d. Debit Cash Credit Accounts
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 24MC: Which of the following accounts are used when recording a purchase using a periodic inventory...
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Assuming that you are a wholesale merchandiser. You sold goods to retail merchandiser under the credit terms of 3/10 n/60. Which of the following Journal entry will be recorded in your business assuming that you are using a periodic inventory system?
a.
Debit Purchase Credit Accounts payable
b.
Debit Accounts payable Credit Purchase
c.
Debit Accounts receivable Credit Sales
d.
Debit Cash Credit Accounts receivable
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