Answers only 64. In the purchase of merchandiseon account transaction, the entry inthe Purchases Journal will require to acredit to *A. PurchasesB. SalesC. Accounts PayableO D. Accounts Receivable65. Which of the following arerecorded in the General Journal? *1.Returns of merchandise bought on accountII. Return of merchandise sold on cashIII. Purchase of equipment and issued a noteSale of land receiving cash and a noteA. I onlyB. I and IIC. I and IIO D. I, Il and III

Answered: 64. In the purchase of merchandise on…

64. In the purchase of merchandise on account transaction, the entry in the Purchases Journal will require to a credit to * A. Purchases

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.14E

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Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

Answers only

64. In the purchase of merchandise
on account transaction, the entry in
the Purchases Journal will require to a
credit to *
A. Purchases
B. Sales
C. Accounts Payable
O D. Accounts Receivable
65. Which of the following are
recorded in the General Journal? *
1.
Returns of merchandise bought on account
II. Return of merchandise sold on cash
III. Purchase of equipment and issued a note
Sale of land receiving cash and a note
A. I only
B. I and II
C. I and II
O D. I, Il and III

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