A firm had purchases of $16,200, freight charges of $300, and purchases returns and allowances of $1,100 during one month. Its net delivered cost of purchases was:
A. $14,800. B. $17,600. C. $16,200. D. $15,400.
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It looks like, you had a purchase of $16,200 + $300 in debits. Then credits of $1,100. Therefore, (16,200+300) - 1,100 = $15,400
The Merchandise Inventory account is debited when goods are purchased for resale and credited when goods are sold and delivered to customers.
TRUE OR FALSE?
Sounds like it would be true. Debit = "To subtract" and Credit = "To add"