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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
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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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
Transcribed Image Text: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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