5 the schedule of accounts payable is listed alphabetically 6 the accounts payable s 4303201

 

5) The Schedule of Accounts Payable is listed alphabetically.

6) The accounts payable subsidiary ledger should equal the control account in the general ledger.

 

7) The controlling account is found in the subsidiary ledger for all accounts payable.

 

8) Schedule of Accounts Payable is a list of customer accounts that owe the company money.

 

9) The Accounts Receivable and Accounts Payable are both controlling accounts.

 

10) A list showing the ending balances owed to individual creditors is called a Schedule of Accounts Payable.

 

10.6   Learning Objective 10-6

 

1) Using the perpetual inventory system, the purchase of merchandise on account would include a:

A) debit to Merchandise Inventory and a credit to Accounts Payable.

B) debit to Accounts Payable and a credit to Merchandise Inventory.

C) debit to Accounts Receivable and a credit to Sales.

D) debit to Sales and a credit to Accounts Receivable.

2) The return of merchandise to the supplier for credit using the perpetual inventory system would include a:

A) debit to Accounts Receivable and a credit to Accounts Payable.

B) debit to Accounts Payable and a credit to Merchandise Inventory.

C) debit to Merchandise Inventory and a credit to Accounts Payable.

D) debit to Accounts Payable and a credit to Purchases Returns and Allowances.

 

3) The recording of the cost of freight-in under the perpetual inventory system would include a:

A) debit to Freight-In.

B) credit to Merchandise Inventory.

C) debit to Merchandise Inventory.

D) credit to Freight-In.

 

4) The account used in perpetual inventory to record the cost of inventory used to make the sale is:

A) Purchases.

B) Purchases Returns and Allowances.

C) Purchases Discounts.

D) Cost of Goods Sold.