Homework Answers
Answer
- Correct Answer = Option ‘C’ Merchandise Inventory account will only be found in merchandising company’s charts of accounts.
- This is because manufacturing companies have 3 inventories
account (Raw material, WIP Inventory, and Finished goods
inventory),
while service company does not even have an inventory account.
Merchandising company only has ‘merchandise inventory’ in its inventory account.
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Question 7 Which of the following accounts will only be found in the chart of accounts...
1. Which of the following accounts are used when recording a purchase using a periodic inventory...
1. Which of the following accounts are used when recording a purchase using a periodic inventory system? a. cash, purchases b. accounts payable, sales c. accounts payable, accounts receivable d. cash, merchandise inventory 2. A multi-step income statement ________. a. separates cost of goods sold from operating expenses b. considers interest revenue an operating activity c. is another name for a simple income statement d. combines cost of goods sold and operating expenses 3. A customer returns $870 worth of...
Instructions Chart of Accounts-Summit Company Chart of Accounts-Beartooth Co. structions Aug. 1 2 5 9 15...
Instructions Chart of Accounts-Summit Company Chart of Accounts-Beartooth Co. structions Aug. 1 2 5 9 15 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,800. Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point. neom. The cost of the goods sold was $40,000. Beartooth...
Which of the following accounts will not be found in the Cost of Merchandise Sold section...
Which of the following accounts will not be found in the Cost of Merchandise Sold section of the income statement for a company using the periodic inventory method? a. Purchases b. Freight-In c. Selling Expense d. Merchandise Inventory
Journal Entries Chart of Accounts General Journal T-Accounts 7 10 15 Made sales of $2.000 on...
Journal Entries Chart of Accounts General Journal T-Accounts 7 10 15 Made sales of $2.000 on credit the cost of the inventory sold was $1.200. Purchased $1,000 inventory for cash Purchased new office equipment costing $4.000, paying $1.500, and signing a day note for the balance Received check for June 7 credit sal Made cash sales of 54.200; the cost of the inventory sold was $2,300 Purchased $2,600 of Inventory on credit Returned $200 of detective nventory from the June...
P7-1B Feig Company's chart of accounts includes the following selected accounts. P7-1B Feig Company's chart of...
P7-1B
Feig Company's chart of accounts includes the following selected
accounts.
P7-1B Feig Company's chart of accounts includes the following selected accounts. 101 Cash 401 Sales Revenue 112 Accounts Receivable 414 Sales Discounts 120 Inventory 505 Cost of Goods Sold 301 Owner's Capital On June 1, the accounts receivable ledger of Feig Company showed the following balances: Kwapis & Son $3,500, Einhorn Co. $2,800, Randall Bros. $2,400, and Daniels Co. $2,000. The June transactions involving the receipt of cash were...
Which of the following accounts will be found on the income statement? Oa. Purchases Ob. Inventory...
Which of the following accounts will be found on the income statement? Oa. Purchases Ob. Inventory Oc. Work in Process Od. Cost of Goods Sold
Chart of Accounts General Journal Instructions On April 1,9,000 shares of $7 par common stock were...
Chart of Accounts General Journal Instructions On April 1,9,000 shares of $7 par common stock were issued at $26, and on April 7,5,000 shares of $70 par preferred stock were issued at $108. Required: Journaize the entries for April 1 and 7. Refer to the Chart of Accounts for exact wording of accountities CHART OF ACCOUNTS General Ledger REVENUE 410 Sales 610 Interest Revenue ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145...
PRE-TEST Problem #5 of 16 The chart of accounts for a retail business may include the...
PRE-TEST Problem #5 of 16 The chart of accounts for a retail business may include the following accounts related to merchandising transactions except: a. cost of goods sold. b. interest expense. c. inventory. d. customer refunds payable. 10
Problem 7-4A Selected accounts from the chart of accounts of Mercer Company are shown below 101...
Problem 7-4A Selected accounts from the chart of accounts of Mercer Company are shown below 101 Cash 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 126 Supplies 157 Equipment 201 Accounts Payable 401 Sales Revenue 414 Sales Discounts 505 Cost of Goods Sold 726 Salaries and Wages Expense The cost of all merchandise sold was 60% of the sales price. During January, Mercer completed the following transactions Jan. 3 Purchased merchandise on account from Gallagher Co. $9,000 4...
Please try to keep the same format! Problem 7-04A Selected accounts from the chart of accounts...
Please try to keep the same format!
Problem 7-04A Selected accounts from the chart of accounts of Blossom Company are shown below. 101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 126 Supplies 505 Cost of Goods Sold 157 Equipment 726 Salaries and Wages Expense 201 Accounts Payable The cost of all merchandise sold was 60% of the sales price. During January, Blossom completed the following transactions. Jan. 3 Purchased merchandise...
Instructions Chart of Accounts-Summit Company Chart of Accounts-Beartooth Co. structions Aug. 1 2 5 9 15 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,800. Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point. neom. The cost of the goods sold was $40,000. Beartooth...
Journal Entries Chart of Accounts General Journal T-Accounts 7 10 15 Made sales of $2.000 on credit the cost of the inventory sold was $1.200. Purchased $1,000 inventory for cash Purchased new office equipment costing $4.000, paying $1.500, and signing a day note for the balance Received check for June 7 credit sal Made cash sales of 54.200; the cost of the inventory sold was $2,300 Purchased $2,600 of Inventory on credit Returned $200 of detective nventory from the June...
P7-1B
Feig Company's chart of accounts includes the following selected
accounts.
P7-1B Feig Company's chart of accounts includes the following selected accounts. 101 Cash 401 Sales Revenue 112 Accounts Receivable 414 Sales Discounts 120 Inventory 505 Cost of Goods Sold 301 Owner's Capital On June 1, the accounts receivable ledger of Feig Company showed the following balances: Kwapis & Son $3,500, Einhorn Co. $2,800, Randall Bros. $2,400, and Daniels Co. $2,000. The June transactions involving the receipt of cash were...
Which of the following accounts will be found on the income statement? Oa. Purchases Ob. Inventory Oc. Work in Process Od. Cost of Goods Sold
Chart of Accounts General Journal Instructions On April 1,9,000 shares of $7 par common stock were issued at $26, and on April 7,5,000 shares of $70 par preferred stock were issued at $108. Required: Journaize the entries for April 1 and 7. Refer to the Chart of Accounts for exact wording of accountities CHART OF ACCOUNTS General Ledger REVENUE 410 Sales 610 Interest Revenue ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145...
PRE-TEST Problem #5 of 16 The chart of accounts for a retail business may include the following accounts related to merchandising transactions except: a. cost of goods sold. b. interest expense. c. inventory. d. customer refunds payable. 10
Problem 7-4A Selected accounts from the chart of accounts of Mercer Company are shown below 101 Cash 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 126 Supplies 157 Equipment 201 Accounts Payable 401 Sales Revenue 414 Sales Discounts 505 Cost of Goods Sold 726 Salaries and Wages Expense The cost of all merchandise sold was 60% of the sales price. During January, Mercer completed the following transactions Jan. 3 Purchased merchandise on account from Gallagher Co. $9,000 4...
Please try to keep the same format!
Problem 7-04A Selected accounts from the chart of accounts of Blossom Company are shown below. 101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 126 Supplies 505 Cost of Goods Sold 157 Equipment 726 Salaries and Wages Expense 201 Accounts Payable The cost of all merchandise sold was 60% of the sales price. During January, Blossom completed the following transactions. Jan. 3 Purchased merchandise...
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