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Question 1: A debit memo represents a decrease to accounts payable and therefore results in less money owed to the seller.
Select one:
Question 2: The service fee charged by a bank is a reduction to the bank account balance and therefore should be listed as a debit entry on the bank statement.
Question 3: When seller pays for shipping, the cost of freight is added to the cost of inventory by debiting Merchandise Inventory.
Question 4: In a merchandising business, when merchandise is sold on account, the only journal entry required is a Debit to Accounts Receivable and a Credit to Sales.
Question 5: A chart of accounts for a merchandising business
a. usually is the same as the chart of accounts for a service businessb. usually requires more accounts than does the chart of accounts for a service businessc. usually is standardized by the FASB for all merchandising businessesd. always uses a three-digit numbering system
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