When purchases of merchandise are made for cash, the transaction may be recorded with the following entry
A) debit Cash; credit Merchandise Inventory
B) debit Merchandise Inventory; credit Cash
C) debit Merchandise Inventory; credit Cash Discounts
D) debit Merchandise Inventory; credit Purchases
B
You might also like to view...
What are Porter's three generic strategies?
A. View of a firm as a series of business processes, each of which adds value to the product or service. B. Evaluation of an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies. C. Analysis of the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry. D. Generic business strategies that are neither organization nor industry specific and can be applied to any business, product, or service.
________ refers to the right of employees to be treated fairly and with respect regardless of race, sex, national origin, physical disability, age, or religion while on the job.
A. Terminate-at-will B. Cooperative acceptance C. Discrimination D. Hire-at-will E. Discretionary approval
Traditional costing and backflush costing provide the same ending balances only when there is little or no ending inventory
Indicate whether the statement is true or false
In applying the "foreign substance/natural substance" liability test in the sale of food or drink, some courts refuse to impose warranty liability if the thing in the food that caused the harm was naturally present.?
Indicate whether the statement is true or false