83.              Under a perpetual inventory system, salvation of merchandise because that resale is debited to

a.the inventory account.

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b.the to buy account.

c.the gives account.

d.the cost of items Sold account.

84.              The newspaper entry to record a return of merchandise purchased on account under a perpetual inventory system would credit

a.Accounts Payable.

b.Purchase Returns and Allowances.

c.Sales Revenue.


85.              i beg your pardon of the complying with items walk not an outcome in an convey in the merchandise inventory account under a perpetual system?

a.A purchase of merchandise.

b.A return of was inventory come the supplier

c.Payment that freight expenses for goods shipped to a customer

d.Payment that freight prices for products received native a supplier

86.              A firm using a perpetual inventory system that returns items previously to buy on credit transaction would

a.debit account Payable and also credit Inventory.

b.debit Sales and credit accounts Payable.

c.debit Cash and also credit account Payable.

d.debit accounts Payable and also credit Purchases.

87.              If a purchaser making use of a perpetual inventory mechanism pays the transportation costs, climate the

a.Inventory account is increased.

b.Inventory account is not affected.

c.Freight-Out account is increased.

d.Delivery expense account is increased.

88.              Freight expenses incurred by a seller on merchandise sold to client will reason an increase

a.in the selling expenses of the buyer.

b.in operating costs for the seller.

c.to the expense of items sold of the seller.

d.to a contra-revenue account that the seller.

89.              Conway firm purchased goods inventory with an invoice price that $12,000 and also credit regards to 2/10, n/30. What is the net expense of the goods if Conway company pays within the discount period?





90.              A the person who lives borrows money at 6% attention to salary a $9,000 invoice with terms 1/10, n/30 top top the 10th work of the discount period. The loan is repaid on the 30th work of the invoice. What is the buyer’s network savings because that this total event?





91.              In the credit terms of 1/10, n/30, the “1” represents the

a.number of days in the discount period.

b.full quantity of the invoice.

c.number of days once the entire amount is due.

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d.percent of the cash discount.

92.              Farwell agency purchased merchandise v an invoice price of $2,000 and credit terms of 2/10, n/30. Presume a 360 job year, what is the implied yearly interest rate inherent in the credit terms?