quiz 5 - In periods of rising prices, the inventory costing...

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In periods of rising prices, the inventory costing method that would result in the highest ending inventory would be In periods of declining prices, the inventory costing method that would result in the highest ending inventory would be ABC Company returns $200 of merchandise purchased from XYZ Company on account. The journal entry that XYZ would record. 1. Debit inventory, credit accounts payable 2. Debit Accounts Receivable, credit inventory 3. Debit Accounts Payable, credit sales returns 4. Debit Accounts payable, credit inventory 5. Debit sales returns, credit accounts receivable ABC Company purchases $1,000 merchandise from XYZ Company on account with terms 2/10, net 30. The journal entry that ABC would record at the time of purchase is: 1. Debit Inventory for $1,000, Credit Cash $980, Credit Purchase discounts $20 2. Debit Inventory, credit accounts Payable $1,000 3. Debit Inventory $980, credit cash $980 4. Debit Accounts Receivable, credit sales revenue $1,000 5. Debit Sales Revenue, credit Accounts Receivable $1,000
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This note was uploaded on 04/07/2011 for the course ACC 2012 taught by Professor Lindavaello during the Fall '10 term at Texas San Antonio.

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quiz 5 - In periods of rising prices, the inventory costing...

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