Assuming a periodic inventory system, the journal entry to record the purchase on account of $900 of merchandise with freight of $65 prepaid and added to the invoice is:
A. debit Accounts Receivable $965; credit Sales $965.
B. debit Purchases $965; credit Accounts Payable $965.
C. debit Purchases $900, debit Freight in $65; credit Accounts Payable $965.
D. debit Accounts Payable $965, debit Freight in $65; credit Purchases $900.
Answer: C
You might also like to view...
Emotional appeals are popular because:
A) they are better at getting a viewer's attention than humor or sexuality B) rational appeals are often ignored C) they emphasize product features D) they often contain subliminal messages
Which activities belong in the sales department?
A. Supports the sales by planning, pricing, and promoting goods or services. B. Records, measures, and reports monetary transactions. C. Relies on information from operations to understand inventory, place orders, and forecast consumer demand. D. Tracks strategic financial issues, including money, banking, credit, investments, and assets.
An illusory promise has the form of a promise but imposes no real obligation
Indicate whether the statement is true or false
Under NAFTA, a customs broker must have an office or residence within the borders of a country in order to do business in that country
Indicate whether the statement is true or false