Under a perpetual perform system, salvation of merchandisefor resale is debited to

A)

the Merchandise list account.

You are watching: Under a perpetual inventory system acquisition of merchandise for resale is debited to

B)

the purchase account.

C)

the provides account.

D)

the expense of products Sold account.

2.

The primary source of revenue for a wholesaler is

A)

investment income.

B)

service revenue.

C)

the revenue of merchandise.

D)

the sale of plant assets the agency owns.

3.

Under the perpetual perform system, in addition to making theentry to document a sale, a company would

A)

debit merchandise Inventory and also credit cost of products Sold.

B)

debit expense of products Sold and also credit Purchases.

C)

debit cost of products sold and credit goods Inventory.

D)

make no extr entry till the end of the period.

4.

Which the the following should not it is in includedin the physics inventory of a company?

A)

Goods organized on consignment from an additional company.

B)

Goods in transit native another company shipped FOB shippingpoint.

C)

Goods shipped on consignment to an additional company.

D)

All the the over should be included.

5.

Which that the following items walk not result in an mediate inthe merchandise inventory account under a perpetual system?

A)

A acquisition of merchandise.

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B)

A return of merchandise inventory come the supplier

C)

Payment the freight prices for items shipped to a customer

D)

Payment of freight prices for items received from a supplier


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