AAMI Accounting 2 Final Exam Questions and Answers 100% Solved| Latest
Update Graded A+
Journal Entry: purchase of goods to sell on account w/ a freight charge Debit:
merchandise purchases
freight in
Credit:
Cash
A company that purchases finished goods for resale Merchandising company
Journal Entry: Payment on account and take advantage of early discount Debit:
Accounts Payable
Credit:
Cash
Purchase discount
Journal Entry: Company purchases goods to sell on account Debit:
Merchandise Purchases
Credit:
, Accounts Payable
Journal Entry: Returned purchased goods to sell that were originally bought for cash Debit:
Cash
Purchase discount
Credit:
purchase returns and allowances
A form used to record details of a sale and a bill to the customer Invoice
What account does a company debit when it buys goods that it plans to sell to its customers
Merchandise purchases
Journal Entry: Company bought goods to sell for cash Debit:
Merchandise purchases
Credit:
Cash
a 2% discount if invoice is paid within 10 days, net due in 30 days 2/10, n/30
Update Graded A+
Journal Entry: purchase of goods to sell on account w/ a freight charge Debit:
merchandise purchases
freight in
Credit:
Cash
A company that purchases finished goods for resale Merchandising company
Journal Entry: Payment on account and take advantage of early discount Debit:
Accounts Payable
Credit:
Cash
Purchase discount
Journal Entry: Company purchases goods to sell on account Debit:
Merchandise Purchases
Credit:
, Accounts Payable
Journal Entry: Returned purchased goods to sell that were originally bought for cash Debit:
Cash
Purchase discount
Credit:
purchase returns and allowances
A form used to record details of a sale and a bill to the customer Invoice
What account does a company debit when it buys goods that it plans to sell to its customers
Merchandise purchases
Journal Entry: Company bought goods to sell for cash Debit:
Merchandise purchases
Credit:
Cash
a 2% discount if invoice is paid within 10 days, net due in 30 days 2/10, n/30
