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QUESTION
1. Which of the following would NOT be used to pay for previous credit purchases under the periodic system?
1. Which of the following would NOT be used to pay for previous credit purchases under the periodic system?
a. Debit to Accounts Payable
b. Credit to Purchase Discounts
c. Credit to Accounts Payable
2. Under the periodic inventory system, in addition to making the entry to record a sale, a company would
a. debit Merchandise Inventory and credit Cost of Goods Sold
b. debit Cost of Goods Sold and credit Purchases
c. make no additional entry
