The Purchases account is:Multiple Choicea permanent account.a temporary account.a subsidiary account.a liability account.

What type of account is Purchases Returns and Allowances?Multiple ChoiceContra RevenueRevenueContra ExpenseExpense

A company that returns items that were previously purchased on account will debit:Multiple ChoiceInventoryAccounts ReceivableAccounts PayableCash

A cash account is referred to as a permanent account because it is:Group of answer choicesan asset with a physical presencean asset or liability permanently held in the account at the bankan asset around for the life of the businessan asset flowing into the statement of owner’s equity

The Freight-in account:Group of answer choicesincreases the cost of inventory purchased.is contra to the Purchases account.is a permanent account.has a normal credit balance.

LO 6.3 Which of the following accounts are used when recording a purchase?Choose one answer from the options below.A. cash, merchandise inventoryB. accounts payable, merchandise inventoryC. A or BD. cash, accounts payable