Using the Perpetual Inventory System, Discounts Taken on an Invoice

question 16

Multiple Choice

Using the perpetual inventory system, discounts taken on an invoice, such as 3/10, n/30, would be:

• A)debited to Inventory.
• B)debited to Cost of sales.
• C)credited to Inventory.
• D)credited to Cost of sales.

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Definitions:

George Perkins Marsh

A 19th-century American diplomat and environmentalist considered one of the precursors to the modern environmental movement.

Conservationists

Individuals or groups dedicated to the preservation and protection of the environment and wildlife.

National Wilderness System

a designation for preserving federal lands in the US to maintain their natural condition.

National Park System

A collection of natural parks managed by a governmental entity aimed at preserving natural and cultural resources for public enjoyment and education.