1. $7,000 of merchandise inventory was ordered on September 2, 2009 2. $3,000 of this merchandise was received on September 5, 2009 3. On September 6, 2009, an invoice dated September 4, 2009, with terms of 3/10, net 30 for $3,250 which included a $250 prepaid freight cost, was received. 4. On September 10, 2009, $800 of the merchandise was returned to the seller. Based on the above information,
what would the journal entry for September 10, 2009 include?
A) Debit to Merchandise Inventory $800
B) Debit to Purchases Returns $800
C) Credit to Merchandise Inventory $800
D) Credit to Accounts Payable $800
C
You might also like to view...
Quentin wants to reward his employees while also raising equity in his small business. By doing this, he will be able to keep control of the business until the time comes to hand over the reins to his eligible employees. Quentin has decided to start ______.
A. merit pay system B. profit sharing C. gainsharing D. an employee stock ownership plan
A persuasive email message to promote pop-up blocker software has as its central selling point the protection of children from pornography. The central selling point should
a. appear early in the message when the product is introduced. b. appear at the end of the message to reinforce the requested action. c. be reinforced as the benefits of the product are discussed. d. be emphasized in each of the areas described above.
To avoid biasing responses to your questions, arrange the alternatives logically, such as in alphabetical or chronological order
Indicate whether the statement is true or false
Division X makes a part with the following characteristics: Production capacity 25,000unitsSelling price to outside customers$18 Variable cost per unit$11 Fixed costs, total$100,000 Division Y of the same company would like to purchase 10,000 units each period from Division X. Division Y now purchases the part from an outside supplier at a price of $17 each. Suppose Division X has ample excess capacity to handle all of Division Y's needs without any increase in fixed costs and without cutting into sales to outside customers. If Division X refuses to accept the $17 price internally and Division Y continues to buy from the outside supplier, the company as a whole will be:
A. worse off by $20,000 each period. B. worse off by $70,000 each period. C. worse off by $60,000 each period. D. better off by $60,000 each period. E. better off by $10,000 each period.