Using the periodic inventory system, state which accounts are used and whether the account is debited or credited. All transactions involve the purchase of inventory
Transaction Accounts Used/ Is the account debited or credited?
Purchase of inventory on account
Prior to payment, returned inventory to the seller
Payment of freight bill
What will be an ideal response
Transaction Accounts Used/ Is the account debited or credited?
Purchase of inventory on account Purchases - debited
Accounts Payable - credited
Prior to payment, returned inventory to the seller Accounts Payable - debited
Purchase Returns and Allowances - credited
Cash payment of freight bill Freight In - debited
Cash - credited
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Campbell Company has a subsidiary located in Jamaica. The subsidiary has generated losses for the last five years and is expected to generate losses for the next ten years. Campbell is reluctant to divest of this subsidiary, however. Given this information, Campbell would ____ from a(n) ____ of the Jamaican dollar.
a. benefit; appreciation b. benefit; depreciation c. not benefit; appreciation d. not benefit; depreciation e. B and C
In a straight rebuy, a buyer ________
A) wants to obtain the same product from a lower-priced supplier B) reorders something without any modifications C) considers a product or service for the first time D) needs a modified product to suit new requirements E) finds new ways to add value to the same product