Solution-Which transactions will cause a liability to be

Which transactions will cause a liability to be credited

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Reference no: EM132556766

Question 1: A characteristic of Purchases is

a. it has a debit normal balance.

b. it increases net income.

c. that it is used to record the purchase of merchandise to be resold.

d. A and C are correct.

Question 2: Which of the following transactions will cause one asset to be debited and another to be credited when the periodic inventory system is in use?

a. Purchased merchandise on account

b. Purchased merchandise for cash

c. Purchased office supplies for cash

d. Returned merchandise inventory for credit

Question 3: Which of the following transactions will cause a liability to be credited and a cost account to be debited when the periodic inventory system is in use?

a. Recorded the adjustment for depreciation

b. Recorded the adjustment for the consumption of supplies

c. Purchased merchandise inventory on account

d. Purchased office supplies on account

Question 4: Purchases

a. decrease net income.

b. increase net income.

c. have no effect on net income.

d. increase capital.

Question 5: Purchases discounts

a. decrease net income.

b. increase net income.

c. increase accounts payable.

d. Not enough information provided.

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Which transactions will cause a liability to be credited

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