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Perpetual Inventory System- Purchases - part 2

Quiz by fatima nasser

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6 questions
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  • Q1

    .What is the right entry for Owner’sinvestment of cash in business

    Debit/ Capital              Credit/ Cash

    Debit/ Cash                Credit/ Capital

    30s
  • Q2

    .What is the right entry for Purchased merchandise for cash

    Debit/ Cash         Credit/ Merchandise Inventory

    Debit/ Merchandise Inventory         Credit/ Cash

    30s
  • Q3

    .What is the righ entry for Returns purchase goods for cash

    Debit/ Cash       Credit/ Merchandise Inventory

    Debit/ Merchandise Inventory       Credit/ Cash

    30s
  • Q4

    .What is the right entry for Purchased merchandise on credit

    Debit/ Account Payable    Credit/ Merchandise Inventory

    Debit/ Merchandise Inventory    Credit/ Account Payable

    30s
  • Q5

    What is the right entry for Returns purchase goods on credit.

    Debit/ Account payable      Credit/ Merchandise Inventory

    Debit/ Merchandise Inventory    Credit/ Account payable  

    30s
  • Q6

    .What is the right entry for Payment to creditor without discount

    Debit/ Account payable      Credit/ Cash

    Debit/ Cash                               Credit/ account payable

    30s

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