Homework Answers
| Ans 10) | option d | ||||||
| is a long term asset | |||||||
| (merchandise inventory is a current asset) | |||||||
| Ans 11) | option d | ||||||
| the document a seller issues to inform the buyer of a debit | |||||||
| made to the buyers account in the sellers records | |||||||
| ans 12) | option b | ||||||
| $1,568 | |||||||
| amount of cash paid | |||||||
| (1800-200)*98% | |||||||
| 1568 | |||||||
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19. The account for merchandise inventory reflects all the following, EXCEPT a) includes any purchase discounts....
20) The amount recorded for merchandise inventory includes all of the following except A) Purchase discounts. B) Re...
20) The amount recorded for merchandise inventory includes all of the following except A) Purchase discounts. B) Returns and allowances. C) Freight costs paid by the buyer. D) Freight costs paid by the seller. E) Trade discounts. 20)
20) The amount recorded for merchandise inventory includes all of the following except A) Purchase discounts. B) Returns and allowances. C) Freight costs paid by the buyer. D) Freight costs paid by the seller. E) Trade discounts. 20)
11. A trade discount is: A term used by a purchaser to describe a cash discount...
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The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1...
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Accountins for Purchases of Merchandise in a Periedie Inventory System Journelipe eech of the foowing trasctions...
Accountins for Purchases of Merchandise in a Periedie Inventory System Journelipe eech of the foowing trasctions on the books of the Buyer Company Buyer purchases $1,000 of merchandise from the Seler on July 11. The teems of e sale are 2/10, n/30 (Periodic System) he e Date Debit Credi Account Titfes Per Apr et On July 12, the Buyer returns $200 of the merchandise for credit sy is di On July 13, Buyer pays a freight bill of $75. Lash...
THANK YOU SO MUCH I WILL BE SURE TO LEAVE A GREAT RATING AND NOTE!!!!! 20. The primary difference between the periodic and perpetual inventory systems is that a periodic system determines the inventor...
THANK YOU SO MUCH I WILL BE SURE TO LEAVE A GREAT RATING AND NOTE!!!!! 20. The primary difference between the periodic and perpetual inventory systems is that a periodic system determines the inventory on hand only at the end of the accounting period periodic system provides an easy means to determine inventory shrinkage periodic system records the cost of the sale on the date the sale is made periodic system keeps a record showing the inventory on hand at...
A. Credit period B. Credit terms C. Discount period D. FOB destination E. FOB shipping point...
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Match each of the following terms (a-h) with the correct definition below. Clear All Inventory system...
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Complete the simplified settlement statement form (Excel spreadsheet provided) for the transaction described below. The various...
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20) The amount recorded for merchandise inventory includes all of the following except A) Purchase discounts. B) Returns and allowances. C) Freight costs paid by the buyer. D) Freight costs paid by the seller. E) Trade discounts. 20)
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11. A trade discount is: A term used by a purchaser to describe a cash discount given to customers for prompt payment. B. A reduction in price below the list price. A term used by a seller to describe a cash discount granted to customers for prompt payment. D. A reduction in price for prompt payment. E. Also called a rebate. 12. A company uses the perpetual inventory system and recorded the following entry: 2,500 50 Accounts Payable...... .................. Merchandise...
Accounting for Sales of Merchandise in a Perpetual Inventory System Journalize each of the following transactions on the books of the Seller Company: Seller sells $1,000 of merchandise to the Buyer on July 11. The terms of the sale are 2/10, n/30. The merchandise cost the seller $700. Date Account Titles Credit Debit On July 12, the Buyer returns $200 of the merchandise for credit. On July 16, the Seller receives the full amount owed by Buyer who takes advantage...
Accountins for Purchases of Merchandise in a Periedie Inventory System Journelipe eech of the foowing trasctions on the books of the Buyer Company Buyer purchases $1,000 of merchandise from the Seler on July 11. The teems of e sale are 2/10, n/30 (Periodic System) he e Date Debit Credi Account Titfes Per Apr et On July 12, the Buyer returns $200 of the merchandise for credit sy is di On July 13, Buyer pays a freight bill of $75. Lash...
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Match each of the following terms (a-h) with the correct definition below. Clear All Inventory system that updates the merchandise inventory account only at the end of the accounting period based on a physical count of merchandise on hand. Periodic inventory system Statement where net income is determined by deducting all expenses from all revenues. Multiple-step income statement Inventory system that updates the merchandise inventory account for every purchase and sale transaction. FOB shipping point Payment arrangements determined by the...
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