ACCOUNTING QUESTION

The following answers print in red are my suggestion . Which of the following requires a debit entry made to an expense account?A. Return of goods previously purchased.B. Installation charge for a machine newly bought.C. Owner takes cash from the company.D. Paid carriage for goods purchased. If the value of the opening inventory is understated, the effect would be:A. Closing inventory overstated.B. Gross profit overstated.C. Cost of goods sold overstated.D. Purchases understated. Which of the following is NOT a norminal account?A.commission receivedB. MachineryC. Repairs to buildingsD. Discount allowed Under what circumstance would a company issue a "credit note"?A.Credit purchases B. Goods returned to a supplierC. Goods returned from a customer D. Credit sales What would happen if capital expenditure was mistakenly classified as revenue expenditure?A.Net profit understatedB. Gross profit overstatedC. Non-current assets overstatedD. Current assets underated. The total of the Purchases Journal is transferred to:A.the debit side of the Purchases Day bookB. The credit side of the purchases Day bookC. the debit side of purchases AccountD. the credit side of purchases account