90) Purchased offi ce supplies on account. This will be recorded with: A) a debi

Question

90) Purchased offi ce supplies on account. This will be recorded with:
A) a debit to a liability and a credit to an asset.
B) a credit to a liability and a debit to an asset.
C) a credit to an asset and a debit to an expense.
D) a debit to an asset and a credit to an expense.

91) The journal entry to record the return of a purchase of inventory under the
perpetual system includes a:
A) credit to Merchandise Inventory.
B) credit to Purchases.
C) debit to Purchases Returns and Allowances.
D) debit to Merchandise Inventory.

92) The inventory method that matches old costs with current selling prices is:
A) specifi c invoice.
B) LIFO.
C) FIFO.
D) weighted-average.

93) Deluth Corporation has a normal gross profi t of 40%. The current year

Explanation / Answer

90) D 91) A 92) C 93) B 94) A

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