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. |
| 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 |
Expert answer
Who room the experts?Experts room tested through historicsweetsballroom.com as professionals in their subject area. We testimonial their content and use your feedback to save the high quality high.