A wholesaler is a merchandiser who buys merchandise native a manufacturer and also sells the exact same to a retailer.(True or false)


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Gross profit is the extra amount the firm receives indigenous the customer for merchandise offered over what the company paid come the vendor.(True or false)
Even in perpetual inventory device that to update the inventory account and also when transactions occur, the service must count its inventory at the very least once a year.(True or false)
Merchandise inventory accounting systems deserve to be broadly categorized into two types. They room _________________.
Credit regards to 2/10, n/30 suggest that a discount of 2% will be given if payment is made in ~ 10 days of the invoice. Otherwise, the complete amount is due within 30 work of the invoice.(True or false)
Under the perpetual perform system, once a purchaser makes a payment in ~ the discount period, the quantity of discount will be attributed to the Merchandise list account.(True or false)
A agency that uses the perpetual inventory device purchases inventory because that $63,000 top top account, with regards to 2/10, n/30. Which of the adhering to is the journal entry to record the payment made in ~ 10 days? A) a debit to account Payable for $63,000, a credit to Cash because that $61,740, and also a debit to Merchandise Inventory because that $1,260B) a debit to accounts Payable because that $63,000, a credit to was Inventory because that $1,260, and also a credit transaction to Cash for $61,740C) a debit come Merchandise Inventory for $1,260, a debit to accounts Payable because that $63,000, and also a credit transaction to Cash because that $64,260D) a debit to accounts Payable for $61,740, a debit to Merchandise Inventory for $1,260, and also a credit transaction to Cash for $63,000
a debit to account Payable because that $63,000, a credit transaction to merchandise Inventory because that $1,260, and a credit transaction to Cash because that $61,740
Freight in is videotaped in Merchandising perform account if the purchaser offers the perpetual perform system.(True or false)
On January 21, 2016, Bessant, Inc. Got merchandise indigenous Mullies, Inc. On the date, it discovered a few of these items to it is in damaged. Top top January 22, it went back the damaged goods to the seller. Together returns will be treated together ________ by Bessant.A) acquisition returnsB) sales returnsC) purchase allowancesD) sales allowances
Under perpetual inventory system, once a wholesaler returns the goods purchased ~ above account, the ___________ account is credited.
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Ethical Obligations and Decision-Making in Accounting: Text and Cases4th EditionRoselyn Morris, Steven Mintz
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Financial bookkeeping plus MyAccountingLab through Pearson eText, global Edition9th EditionCharles T. Horngren, Walter T Harrison


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