ssuming that you are a retail merchandiser. You bought goods from wholesale merchandiser under the credit terms of 2/10 n/30. 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 Cash Credit Accounts payable c. Debit Accounts receivable Credit Sales d. Debit Accounts payable Credit Purchase
ssuming that you are a retail merchandiser. You bought goods from wholesale merchandiser under the credit terms of 2/10 n/30. 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 Cash Credit Accounts payable c. Debit Accounts receivable Credit Sales d. Debit Accounts payable Credit Purchase
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 retail merchandiser. You bought goods from wholesale merchandiser under the credit terms of 2/10 n/30. 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 Cash Credit Accounts payable
c.
Debit Accounts receivable Credit Sales
d.
Debit Accounts payable Credit Purchase
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