The entry to record a purchase of merchandise on credit includes
The entry to record a purchase of merchandise on credit includes
a debit to Purchases and a credit to Accounts Receivable
a debit to Accounts Receivable and a credit to Purchases
a debit to Purchases and a credit to Accounts Payable
a debit to Accounts Payable and a credit to Purchases
Homework Answers
The correct answer is :
a debit to Purchases and a credit to Accounts Payable
Note:
When merchandise is purchased on credit, expense increases and hence the purchase account is debited. Further, the accounts payable account is credited because the liabilities increase.
The entry to record a return of merchandise purchased on credit includes
The entry to record a return of merchandise purchased on credit includes a debit to Purchase Returns & Allowances and a credit to Accounts Receivable a debit to Purchase Returns & Allowances and a credit to Purchases a debit to Accounts Payable and a credit to Purchase Returns & Allowances a debit to Purchases and a credit to Purchase Returns & Allowances
The entry to record a return by a credit customer of defective merchandise on which no...
The entry to record a return by a credit customer of defective merchandise on which no sales tax was charged includes a debit to Sales and a credit to Sales Returns and Allowances. a debit to Accounts Receivable and a credit to Sales Returns and Allowances. a debit to Sales Returns and Allowances and a credit to Accounts Receivable. a debit to Sales and a credit to Accounts Receivable. Which of the following statements is correct? Under the accrual basis of accounting,...
Question 9 (1 point) The entry to record the payment of a purchase invoice when a...
Question 9 (1 point) The entry to record the payment of a purchase invoice when a cash discount is taken includes a debit to Accounts Payable, a credit to Purchase Discounts and a credit to Cash Oa debit to Accounts Payable, a debit to Purchase Discounts and a credit to Cash a debit to Accounts Payable and a credit to Cash O a debit to Purchases, a credit to Purchase Discounts and a credit to Cash
Which of the following is the entry to record the purchase of inventory on account? Debit...
Which of the following is the entry to record the purchase of inventory on account? Debit Inventory; Credit Cost of Goods Sold Debit Sales; Credit Accounts Receivable Debit Inventory; Credit Accounts Payable Debit Inventory; Credit Accounts Receivable Debit Accounts Payable; Credit Inventory
A customer purchased an item on credit. Which journal entry should be made to record this purchase?
A customer purchased an item on credit. Which journal entry should be made to record this purchase? Journal EntriesADebitCreditAccounts Receivable$ 250Sales Revenue$ 250BDebitCreditAccounts Receivable$ 250Customer Payment Received $ 250CDebitCreditAccounts Payable$ 237Supplies Expense $ 237DDebitCreditAccumulated Depreciation$ 725Depreciation Expense$ 725EDebitCreditPrepaid Rent$ 1,250Rent Expense$ 1,250
Using the periodic method, what is the journal entry to record the purchase of 2000 of merchandise inventory on account?
Using the periodic method, what is the journal entry to record the purchase of 2000 of merchandise inventory on account?A. Dr. Purchases 2,000 Cr. Cash 2,000B. Dr. Cash 2,000 Cr. Purchases 2,000C. Dr. Purchases 2,000 Cr. AccountsD. Dr. Merchandise Inventory 2,000 Cr. Accounts Receivable 2,000E. None of the above
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer,...
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer, of merchandise purchased on account includes a: Select one: a. Credit to Purchases Returns b. Debit to Sales Returns and Allowances c. Debit to Accounts Receivable d. Debit to Cost of Goods Sold
What is the correct entry for a $100 purchase of supplies on credit?
What is the correct entry for a $100 purchase of supplies on credit? Debit Cash: $100 & Credit Supplies: $100 Debit Accounts Payable: $100 & Credit Cash: $100 Debit Supplies: $100 & Credit Accounts Payable: $100 Debit Accounts Payable: $100 & Credit Supplies: $100 Debit Accounts Receivable: $100 & Credit Cash: $100
When merchandise is sold for cash, two entries are recorded. The second entry, to record the...
When merchandise is sold for cash, two entries are recorded. The second entry, to record the cost of merchandise sold, is OA) debit Cost of Goods Sold; credit Inventory OB) debit Inventory; credit Cost of Goods Sold C) debit Cost of Goods Sold; credit Sales OD) debit Accounts Receivable; credit Inventory
Question 9 (1 point) The entry to record the payment of a purchase invoice when a cash discount is taken includes a debit to Accounts Payable, a credit to Purchase Discounts and a credit to Cash Oa debit to Accounts Payable, a debit to Purchase Discounts and a credit to Cash a debit to Accounts Payable and a credit to Cash O a debit to Purchases, a credit to Purchase Discounts and a credit to Cash
Which of the following is the entry to record the purchase of inventory on account? Debit Inventory; Credit Cost of Goods Sold Debit Sales; Credit Accounts Receivable Debit Inventory; Credit Accounts Payable Debit Inventory; Credit Accounts Receivable Debit Accounts Payable; Credit Inventory
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer, of merchandise purchased on account includes a: Select one: a. Credit to Purchases Returns b. Debit to Sales Returns and Allowances c. Debit to Accounts Receivable d. Debit to Cost of Goods Sold
When merchandise is sold for cash, two entries are recorded. The second entry, to record the cost of merchandise sold, is OA) debit Cost of Goods Sold; credit Inventory OB) debit Inventory; credit Cost of Goods Sold C) debit Cost of Goods Sold; credit Sales OD) debit Accounts Receivable; credit Inventory
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