12. Credit sale of merchandise (Use the periodic inventory system)13. Collection of trade accounts receivable14. Collection of notes receivable (non-trade)15. Purchase of raw materials issuing a note (Use the perpetual inventory system)16. Purchase of long-term stock securities IIClassify the following cash flow-related activities into:A. Operating activities (inflow; or outflow)B. Investing activities (inflow; or outflow)C. Financing activities (inflow; or outflow)D. No cash flowWrite your answers using capital letters only. A letter answer cannot stand alone. Write inflowor outflow, except of course for answer D. Erasures and alterations will not be honored.

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12. Credit sale of merchandise (Use the periodic inventory system) 13. Collection of trade accounts receivable 14. Collection of notes receivable (non-trade) 15. Purchase of raw materials issuing a note (Use the perpetual inventory system) 16. Purchase of long-term stock securities

12. Credit sale of merchandise (Use the periodic inventory system) 13. Collection of trade accounts receivable 14. Collection of notes receivable (non-trade) 15. Purchase of raw materials issuing a note (Use the perpetual inventory system) 16. Purchase of long-term stock securities

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What accounts are used to recognize a retailer’s purchase from a manufacturer on credit?A. accounts receivable, merchandise inventoryB. accounts payable, merchandise inventoryC. accounts payable, cashD. sales, accounts receivable
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18. IDENTIFICATION. This refers to a sale of a single of multiple receivables to any financing institution at a discount. 19. TRUE OR FALSE. The proceeds from discounting is computed by deducting the discount from the carrying value of the notes receivable.
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24 - Which of the following transactions does the above journal item belong to? a) Goods Sales Return Record B) Registration of Returns from Purchase of Goods NS) Goods Sales Discount Posting D) Goods Purchase Expenses Record TO) Goods Sales Record
7- Which of the following transactions does the above journal item belong to? a) Goods sales expense record B) Return registration from goods purchase NS) Goods purchase discount posting D) Goods sales record TO) Goods purchase expense record
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Which of the following statements is true for a company that uses a periodic inventory system? a.The purchase of inventory requires a debit to Inventory. b.The return of defective inventory requires a debit to Purchase Returns and Allowances. c.The payment of a purchase within the discount period requires a credit to Purchase Discounts. d.Any amounts paid for freight are debited to Inventory.