Multiple choice 6. when a cornpany returns merchandise previously purchased on account,d.) gross profitTheis:P489,the entry to record the return would include a:a. debit to inventorya.b. P408,P476,b. credit to purchase returns and allowancesC. debit to sales returns and allowancesd. credit to accounts payableC.d. P441,7. The entry to record the payment of shipping costs by the buyer ofmerchandise when the terms are FOB shipping point would include a:a. debit to freight inb. debit to delivery expenseC. credit to cost of goods soldd. credit to freight outThe cost oa. P524,0b. P489,Cc. P557,Cd. P395,CThe closingbalances toa.allowa

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6. when a cormpany returns merchandise previously purchased on account, the entry to record the return would include a: a. debit to inventory b. credit to purchase returns and allowances C. debit to sales returns and allowances d. credit to accounts payable

6. when a cormpany returns merchandise previously purchased on account, the entry to record the return would include a: a. debit to inventory b. credit to purchase returns and allowances C. debit to sales returns and allowances d. credit to accounts payable

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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Question

Multiple choice

6. when a cornpany returns merchandise previously purchased on account,
d.) gross profit
The
is:
P489,
the entry to record the return would include a:
a. debit to inventory
a.
b. P408,
P476,
b. credit to purchase returns and allowances
C. debit to sales returns and allowances
d. credit to accounts payable
C.
d. P441,
7. The entry to record the payment of shipping costs by the buyer of
merchandise when the terms are FOB shipping point would include a:
a. debit to freight in
b. debit to delivery expense
C. credit to cost of goods sold
d. credit to freight out
The cost o
a. P524,0
b. P489,C
c. P557,C
d. P395,C
The closing
balances to
a.
allowa

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