6.) when merchandise purchased on account is returned under the perpetual iventory system, the buyer would debit A.) merchandise iventory B.) accounts payable C.) purchase returns and allowances D.) accounts receivable 7.) if the seller is to pay the freight costs of delivering merchandise, the delivery terms are states as A.) fob destination B.) fob seller C.) fob shipping D.) fob n/30 10.) where are selling and administrative expenses found on the multiple-step income statement? A.) after net income and before expenses B.) after gross profit C.) before gross profit D.) after sales and before gross profit 15.) which of the following accounts should be closed to income summary at the end of the fiscal year? A.) accumulated depreciation B.) dividends C.) cost of merchandise sold D.) medhandise iventory

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Status NEW Posted 10 Dec 2017 09:12 AM My Price 10.00

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