A corporation can own property, incur liabilities, and enter into contracts in its own name.

The terms of sale 1/10, n/30 means that 1/10, or 10%, of the invoice amount may be deducted if paid within 30 days.

The contra account Purchases Discount has a normal debit balance.

The total of a schedule of accounts payable less purchases discounts taken during the month will equal the total of Accounts Payable.

The periodic inventory method does not require records of the quantity and cost of individual goods.

Merchandise with a list price of $1,500.00 is purchased on account for $900.00 on August 1. Terms of sale are 2/10, n/30. Payment is made on August 17. The amount paid should be

A periodic inventory conducted by counting, weighing, or measuring items of merchandise on hand is called a(n)

The Purchases account is classified as a

An employee working with an account can trace a transaction back to the correct journal by using information in the

Supplies bought for use in a business are recorded in the

To replenish a $300.00 petty cash fund, if the petty cash custodian had receipts totaling $224.00 and cash of $74.00 in the petty cash box, one part of the journal entry is a

Since contra accounts are offsets to their related accounts, contra account normal balances are