4) Purchases of merchandise on crmodify need to be videotaped in the __________ journal.

You are watching: Freight charges on merchandise purchases should be debited to

A. purchases

B. general

C. cash payments

D. sales

5) Crmodify terms of 1/10, n/30 intend that:

A. payment in complete is due 10 days after date of the invoice.

B. payment in full is due 30 days after day of the invoice.

C. if the invoice is phelp within 10 days of its day, a 1% discount may be taken; otherwise the full amount is due in 20 days.

D. if the invoice is phelp within 10 days of its date, a 1% discount may be taken; otherwise the total amount is due in 30 days.

6) Postings to the accounts payable ledger from the purchases journal must be made:

A. everyday.

B. weekly.

C. monthly.

D. at the end of the fiscal period.

7)A creditor's account in the accounts payable ledger has a $1,600 beginning balance. After a transactivity for $700 is posted from the purchases journal, the balance of the creditor's account is:

A. $2,300 delittle bit.

B. $900 crmodify.

C. $2,300 crmodify.

D. $900 delittle bit.

8) To document a rerevolve of merchandise purchased on credit, the accountant would certainly debit __________ and also crmodify __________.

A. Purchases Retransforms and also Allowances; Accounts Receivable

B. Purchases Retransforms and also Allowances; Purchases

C. Accounts Payable; Purchases Returns and Allowances

D. Purchases; Purchases Retransforms and Allowances

9) The full of the balances in the creditor's accounts must agree with the balance of the __________ account in the general ledger.

A. Purchases

B. Accounts Receivable

C. Accounts Payable

D. Sales

10) The amount of the purchases for a duration is presented in the:

A. Liabilities area of the balance sheet.

B. Revenue area of the revenue statement.

C. Cost of Goods Sold area of the earnings statement.

D. Expenses section of the earnings statement.

11) A firm had actually purchases of $16,200, freight charges of $300, and also purchases returns and allowances of $1,100 in the time of one month. Its net yielded expense of purchases was:

A. $14,800.

B. $17,600.

C. $16,200.

D. $15,400.

12) In a firm that offers special journals, the rerotate of damaged merchandise to a supplier and receipt of a credit memorandum is taped in the __________ journal.

A. cash payments

B. cash receipts

C. purchases

D. general

13) When the sales department demands products, it sends the purchasing department a type called a:

A. purchase invoice.

B. purchase order.

C. purchase requisition.

D. sales invoice.

14) Credit purchases of gives that are to be used in the service are gone into in the __________ journal.

A. purchases

B. general

C. cash payments

D. cash receipts

15) After a supplier of merchandise is selected, the purchasing department problems a form called a:

A. purchase invoice.

B. purchase order.

C. sale invoice.

D. purchase requisition.

16) Which of the complying with statements is correct?

A. Freight In is subtracted from Purchases to arrive at ceded cost of purchases. B. Another name that may be provided for the Freight In account is "Transportation In." C. Freight charges that are detailed on the invoice obtained from a supplier are not component of the total crmodify to Accounts Payable to document the credit purchase. D. None of these statements is correct

17) Which of the adhering to accounts is a contra expense of items sold account?

A. Accounts Payable

B. Cash

C. Purchases

D. Purchases retransforms and allowances

18) The account of a creditor in the accounts payable ledger had actually a balance at the start of the month of $3,000. Throughout the month complete postings to the account from the purchases journal were $500. Also, there was a posting of $300 to the account from the basic journal for a purchase return. The balance of the creditor account at the finish of the month would certainly be:

A. $2,200.

B. $2,800.

C. $3,000.

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D. $3,200.

19) Which of the adhering to represents a bill obtained for goods purchased?

A. Purchase invoice

B. Purchase order

C. Purchase requisition

D. Purchases journal

20) Which of the following credit terms is offering the customer a 3% cash discount if payment is made within 5 days of the invoice date?