Homework Answers
7) Solution: Unearned Revenue
Explanation: Cash received prior to delivering a good / service is called unearned Revenue
8) Solution: Sales Returns and Allowances
Explanation: Sales Returns and Allowances is an example of a contra-revenue account
9) Solution: Supplies
Explanation: Supplies will not be included COGS chart of accounts
10) Solution: Current Asset
Explanation: The mmerchandise Inventory is listed as the current asset
11) Solution: debit Merchandise Inventory and credit Income Summary.
Explanation: Dr. Merchandise Inventory; Cr. Income Summary
12) Solution: the name of the business, the name of the statement, and the period of time the statement covers
Explanation: Business name; Statement; time frame; statement cover is the correct order
13) Solution: Gross profit
Explanation: Gross profit = Net sales - COGS
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ice is called a(n) 7. Cash received prior to delivering a product or performing a serv...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts Payable B) Purchase Returns and Allowances C) Inventory D) Purchases 6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization C. Sales Returns and Allowances D. Sales Discounts 7) To calculate the gross margin percentage, A. Divide net sales by net income B. Divide current assets by current liabilities C. Divide total liabilities by total assets D. Divide...
1) On a merchandising balance sheet, merchandise inventory is listed as a(n) A) current liability. B)...
1) On a merchandising balance sheet, merchandise inventory is listed as a(n) A) current liability. B) expense. C) revenue. D) current asset. 2) A company that uses the perpetual inventory system purchases inventory for $65,000 on account, with terms of 2/1o, n/30. Which of the following is the journal entry to record the payment made within 1 A) a debit to Accounts Payable for $63,700, a debit to Merchandise Inventory for $1,300 and a credit to Cash fors65,000 B) a...
3. Which of the following is recorded in the cash payments journal? a. adjusting entry for...
3. Which of the following is recorded in the cash payments journal? a. adjusting entry for accrued salaries b. receipt of cash on supplies returned c. receipt of cash from services rendered d. payment of employees' salaries 4. When posting the column totals of a cash payments journal, a debit should be posted to a. Cash b. Accounts Payable c. Sales Discounts d. Unearned Revenue 5. Generally, the revenue account for a merchandising business is entitled a. Sales b. Net...
Name 1. Actually counting the goods on hand at the end of the accounting period and...
Name 1. Actually counting the goods on hand at the end of the accounting period and determining the cost of these goods by reviewing the accounting records is called a. b. c. the cost of goods sold. the physical inventory. freight-in. accumulated depreciation. 2. Unearned revenue is reported as a(n) current liability on the balance sheet. b. contra-asset account on the chart of accounts owner's equity account on the work sheet. asset on the balance sheet. d. 3. The income...
1) ABC Company’s December 31, 2017 inventory value was reported $ 500,000. The physical inventory count...
1) ABC Company’s December 31, 2017 inventory value was reported $ 500,000. The physical inventory count value was $ 475,000. The adjusting entry required to record the discrepancy was: A) Debit Cost of Goods Sold $ 25,000 and credit inventory $ 25,000 B) Debit inventory $ 25,000 and credit Cost of Goods Sold $ 25,000 C) Can’t be determined D) Debit Cost of Goods Sold $ 12,500 and credit inventory $ 12,500 2) Credit terms of 1/10 n/30 indicates that...
The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown...
The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories. INCOME STATEMENT ACCOUNT NAME DEBIT CREDIT Income Summary 32,000.00 31,000.00 Sales 324,000.00 Sales Returns and Allowances 13,310.00 Sales Discounts 7,700.00 Purchases 126,360.00 Purchases Returns and Allowances 1,200.00 Purchases Discounts 1,300.00 Freight In 7,500.00 Selling Expenses 61,560.00 General Expenses 50,884.00 299,314.00 357,500.00 Net Income 58,186.00 357,500.00 357,500.00 From...
I can't seem to get my numbers to match up the way they should on this. Help, please? Chapter 14 Adjustments for a Merch...
I can't seem to get my numbers
to match up the way they should on this. Help, please?
Chapter 14 Adjustments for a Merchandising Business 64. Complete the Adjustments column of the work sheet represented below. Ending merchandise inventory is $92,000. Work Sheet (partial) Trial Balance Adjustments Debit Credit Debit Credit 81,000 Account Title Merchandise Inventory Income Summary Purchases Purchases Returns and Allowances Purchases Discounts Freight-In 273,000 12,100 21,000 5,300
Completion of a Work Sheet Showing a Net Loss 1. Complete the Adjustments columns. 2. Complete...
Completion of a Work Sheet Showing a Net Loss 1. Complete the Adjustments columns. 2. Complete the work sheet. 3. Enter the adjustments in a general journal. If an amount box does not require an entry, leave it blank. The trial balance for Cascade Bicycle Shop, a business owned by David Lamond, is shown below. Cascade Bicycle Shop Trial Balance December 31, 20 -- ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Cash 23,105 Accounts Receivable 15,325 Merchandise Inventory 30,635 Supplies 7,000...
1. 2. 3. 4. 5. A company that maintains a perpetual inventory system has an inventory...
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2.
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A company that maintains a perpetual inventory system has an inventory account balance of $50,000. The physical count of goods on hand totals $49,600. Which of the following adjusting entries is correct? O Debit Sales Discounts and credit Inventory O Debit Purchases and credit Inventory O Debit Cost of Goods Sold and credit Inventory. O Debit Inventory and credit Purchases Which of the following accounts will appear in the trial balance of a merchandising company...
1) On a merchandising balance sheet, merchandise inventory is listed as a(n) A) current liability. B) expense. C) revenue. D) current asset. 2) A company that uses the perpetual inventory system purchases inventory for $65,000 on account, with terms of 2/1o, n/30. Which of the following is the journal entry to record the payment made within 1 A) a debit to Accounts Payable for $63,700, a debit to Merchandise Inventory for $1,300 and a credit to Cash fors65,000 B) a...
3. Which of the following is recorded in the cash payments journal? a. adjusting entry for accrued salaries b. receipt of cash on supplies returned c. receipt of cash from services rendered d. payment of employees' salaries 4. When posting the column totals of a cash payments journal, a debit should be posted to a. Cash b. Accounts Payable c. Sales Discounts d. Unearned Revenue 5. Generally, the revenue account for a merchandising business is entitled a. Sales b. Net...
Name 1. Actually counting the goods on hand at the end of the accounting period and determining the cost of these goods by reviewing the accounting records is called a. b. c. the cost of goods sold. the physical inventory. freight-in. accumulated depreciation. 2. Unearned revenue is reported as a(n) current liability on the balance sheet. b. contra-asset account on the chart of accounts owner's equity account on the work sheet. asset on the balance sheet. d. 3. The income...
I can't seem to get my numbers
to match up the way they should on this. Help, please?
Chapter 14 Adjustments for a Merchandising Business 64. Complete the Adjustments column of the work sheet represented below. Ending merchandise inventory is $92,000. Work Sheet (partial) Trial Balance Adjustments Debit Credit Debit Credit 81,000 Account Title Merchandise Inventory Income Summary Purchases Purchases Returns and Allowances Purchases Discounts Freight-In 273,000 12,100 21,000 5,300
1.
2.
3.
4.
5.
A company that maintains a perpetual inventory system has an inventory account balance of $50,000. The physical count of goods on hand totals $49,600. Which of the following adjusting entries is correct? O Debit Sales Discounts and credit Inventory O Debit Purchases and credit Inventory O Debit Cost of Goods Sold and credit Inventory. O Debit Inventory and credit Purchases Which of the following accounts will appear in the trial balance of a merchandising company...
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