Under a perpetual inventory system, acquisition of merchandisefor resale is debited to
A)
the Merchandise Inventory account.
You are watching: Under a perpetual inventory system acquisition of merchandise for resale is debited to
B)
the Purchases account.
C)
the Supplies account.
D)
the Cost of Goods Sold account.
2. | The main source of revenue for a wholesaler is | |
| A) | investment income. |
| B) | organization revenue. |
| C) | the sale of merchandise. |
| D) | the sale of plant assets the company owns. |
3. | Under the perpetual inventory device, in addition to making theentry to document a sale, a agency would | |
| A) | debit Merchandise Inventory and also crmodify Cost of Goods Sold. |
| B) | delittle Cost of Goods Sold and crmodify Purchases. |
| C) | delittle Cost of Goods sold and credit Merchandise Inventory. |
| D) | make no additional entry till the finish of the duration. |
4. | Which of the following have to not be includedin the physical inventory of a company? | |
| A) | Goods organized on consignment from an additional company. |
| B) | Goods in transit from one more agency shipped FOB shippingsuggest. |
| C) | Goods shipped on consignment to another firm. |
| D) | All of the above should be included. |
5. | Which of the adhering to items does not result in an adjustment inthe merchandise inventory account under a perpetual system? | |
| A) | A purchase of merchandise. |
| B) | A rerevolve of merchandise inventory to the supplier |
| C) | Payment of freight expenses for items shipped to a customer |
| D) | Payment of freight costs for items received from a supplier |
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