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.

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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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