When we buy merchandise for resale, we _______ the account called _______
Merchandise Purchases

Quiz
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Other
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University
•
Easy

Kurt Larsen
Used 32+ times
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
credit, purchases
debit, merchandise
credit, merchandise
debit, merchandise purchases
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which account is credited when we buy merchandise for cash?
Accounts payable
Accounts receivable
Sales discounts
Cash
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
1/10, net 60 means
10% discount if paid within 60 days
1% discount if paid within 60 days
10% discount if paid within 60 days
1% discount if paid within 10 days
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The journal entry for taking a discount (on a purchase taken on credit) would include these accounts:
Accounts Receivable, Sales Discount, Cash
Accounts Payable, Sales Discount, Cash
Accounts Payable, Purchase Discount, Cash
None of these
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Merchandise purchased on credit would include these accounts:
Urns, Cash
Caskets, Cash
Emblaming fluid, Cash
Merchandise Purchases, Accounts Payable
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If we send an urn back to the vendor that we still owe money to, the accounts affected are:
Urns, Cash
Urns, Accounts Payable
Accounts Payable, Purchase Returns and Allowances
Purchase Returns and Allowances, Cash
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the accounts affected when there is a separate freight charge for merchandise purchased on credit?
Freight in, Cash
Merchandise Purchases, Freight in, Cash
Merchandise Purchases, Freight In, Accounts Payable
Merchandise Purchases, Accounts Payable
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