Answered: Which account will be debited to record…

Name: Which account will be debited to record the purchase of merchandise on
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Which account will be debited to record the purchase of merchandise on credit under periodic inventory method?a.Purchaseb.Accounts receivablec.Accounts Payabled.Cash

Business

Accounting

Which account will be debited to record the purchase of merchandise on credit under periodic inventory method? a. Purchase b. Accounts receivable c. Accounts Payable d. Cash

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 24MC: Which of the following accounts are used when recording a purchase using a periodic inventory...

See similar textbooks

Similar questions

Which of the following accounts are used when recording the sales entry of a sale on credit? A. merchandise inventory, cash B. accounts receivable, merchandise inventory C. accounts receivable, sales D. sales, cost of goods sold
Which of the following accounts are used when recording a purchase? A. cash, merchandise inventory B. accounts payable, merchandise inventory C. A or B D. cash, accounts payable
Rules of debit and credit for periodic inventory accounts Complete the following table by indicating for A through G whether the proper answer is debit or credit:
The journal that should be used to record the return of merchandise for credit is the (a) purchases journal. (b) cash payments journal. (c) general journal. (d) accounts payable journal.
What accounts are used to recognize a retailers purchase from a manufacturer on credit? A. accounts receivable, merchandise inventory B. accounts payable, merchandise inventory C. accounts payable, cash D. sales, accounts receivable
For each of the following accounts, identify whether the normal balance is a debit or a credit. Also specify whether the account is a contra account. a. Sales Returns and Allowances b. Merchandise Inventory c. Sales d. d Freight In e. Purchases Returns and Allowances f. Sales Tax Payable g. Purchases
Under the periodic inventory system, the ending inventory is entered by debiting Merchandise Inventory and crediting Income Summary.
Purchase-related transactions Based on the data presented in Exercise 5-16, journalize Balboa Co.s entries for (A) the purchase, (B) the return of the merchandise for credit, and (C) the payment of the invoice.
Why is it necessary to adjust the Merchandise Inventory account under a periodic inventory system?
Purchases on account of merchandise for resale would be recorded in the _______________. a. Sales journal b. Purchases journal c. Cash receipts journal d. Cash payments journal e. None of the above
Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory.
What is the normal balance for each of the following accounts: (a) Purchases? (b) Sales Discounts? (c) Purchases Returns and Allowances? (d) Sales? (e) Purchases Discounts? (f) Sales Returns and Allowances?