Ask Question
BusinessBusiness
Today, 07:13

The Inventory account is used in each of the following except:

the entry to record goods purchased on account.

the return of goods purchased.

payment of freight on goods sold.

payment within the discount period.

+5
Answers (1)
  1. Today, 08:03
    0
    Option D payment within the discount period

    Explanation:

    The reason is that the company is already reduced the inventory amount and this transaction requires to reduce the trade receivable account and increase in discount. The entry would be:

    Dr Discount account (Expense) XX

    Cr Trade Receivable Account XX

    The cash received will be separately dealt, I mean the entry will be balancing charge to receivable account.

    Dr Cash Account XX

    Cr Trade Receivable Account XX
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The Inventory account is used in each of the following except: the entry to record goods purchased on account. the return of goods ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
The EPBO for a particular employee on January 1, 2021, was $150,000. The APBO at the beginning of the year was $30,000. The appropriate discount rate for this postretirement plan is 5%.
Answers (1)
One reason the criminal justice system is considered ethically dangerous is that individuals have A. discretion over following the letter of the law. B. a great deal of interaction with the ethically challenged. C.
Answers (1)
The government challenged the acquisition by Procter & Gamble (P&G) of Clorox. Clorox was the leading manufacturer of liquid bleach at the time of the acquisition, Page 504accounting for 48% of the national sales.
Answers (2)
A firm has a market value equal to its book value. Currently, the firm has excess cash of $300 and other assets of $6,200. Equity is worth $5,000. The firm has 500 shares of stock outstanding and net income of $720.
Answers (1)
Use the following information to answer this question. If nominal GDP rises from $100 trillion to $120 trillion, while the GDP deflator rises from 2.0 to 2.2, the percentage change in real GDP is approximately equal to A) - 10%. B) 0%. C) 10%.
Answers (1)
New Questions in Business
E. why is it important for the cfo and his/her staff to analyze variances of budget to actual or forecasted to actual amounts, and investigate reasons for significant variances on a timely basis
Answers (1)
Memorial Stadium has worked with the same advertising company for 10 years. According to the company's data the stadium has spent approximately $2.5 million on advertising over that period for 100 events.
Answers (1)
Campbell Candy Corporation desires a 14% return on investment (ROI) on all operations. The following information was available for the company for the current year: Sales $ 14,000 Operating income $ 4,000 Turnover 0.
Answers (1)
N a mixed market economy, which of these would most likely be considered a basic function of government? a. to promote monopolies reactivate b. to regulate who can purchase services reactivate c. to ensure the financial stability of all citizens d.
Answers (1)
Pro forma financial statements are the most comprehensive means of financial forecasting. projections of financial statements for a future period. often required by prospective creditors. All of the options are true
Answers (1)
Home » Business » The Inventory account is used in each of the following except: the entry to record goods purchased on account. the return of goods purchased. payment of freight on goods sold. payment within the discount period.
Sign Up Forgot Password?