FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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9. Elijah uses the perpetual inventory system. On July 5, Elijah returned $12,000 of goods purchased on account to the seller. How would Elijah record this transaction? A) Accounts Payable Inventory B) Accounts Receivable Inventory C) Accounts Payable Purchases D) Cash Purchases 12,000 A) Credit to Purchase Returns B) Debit to Inventory C) Credit to Accounts Payable D) Debit to Cost of Goods Sold 12,000 12,000 12,000 12,000 12,000 12,000 12,000 10. Using a periodic inventory system, the buyer's journal entry to record the return of merchandise purchased on account includes a: 11. All merchandise purchased for resale by a firm is initially recorded in the Purchases account when the firm uses the periodic inventory system. a. True b. False
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Transcribed Image Text:9. Elijah uses the perpetual inventory system. On July 5, Elijah returned $12,000 of goods purchased on account to the seller. How would Elijah record this transaction? A) Accounts Payable Inventory B) Accounts Receivable Inventory C) Accounts Payable Purchases D) Cash Purchases 12,000 A) Credit to Purchase Returns B) Debit to Inventory C) Credit to Accounts Payable D) Debit to Cost of Goods Sold 12,000 12,000 12,000 12,000 12,000 12,000 12,000 10. Using a periodic inventory system, the buyer's journal entry to record the return of merchandise purchased on account includes a: 11. All merchandise purchased for resale by a firm is initially recorded in the Purchases account when the firm uses the periodic inventory system. a. True b. False
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