Assuming a periodic inventory system is used, purchased of supplies on credit that are to be...
Question 4 (1 point) Assuming a periodic inventory system is used, the cost of merchadise purchased for resale is A) debited to Merchandise Inventory. B) credited to Merchandise Inventory. C) debited to Purchases. D) credited to Purchases.
PR 6-10A Periodic Inventory Accounts, Multiple-Step Income Statement, Closing Entries the Journalize the periodic inventory system Appendix PR 6-9A Sales-related and purchase-related transactions for buyer and seller using periodic inventory system Selected transactions during August between Summit Company and Beartooth Co. are listed in Problem 64A. Instructions Journalize the entries to record the transactions for (1) Summit Company and (2) Beartooth Co., assuming that both companies use the periodic inventory system. Appendix PR 6-10A Periodic inventory accounts, multiple-step income statement,...
A company that uses the periodic inventory system purchases merchandise inventory for $1,000 plus freight of $100 from Sunny Supplier Co., with credit terms 2/10,n/30. The company will record this transaction with a debit to: Check all that apply. accounts payable for $1,000 purchases for $1,000 freight in for $100 purchases for $1,100 accounts payable for $1,100
Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $24,000 and credit terms of 3/10, 1/60. The merchandise had cost Mesa $16,000 Santa Fe paid within the discount period. Prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used by both the buyer and the seller. BUYER - Santa Fe Company
Assume that the periodic inventory system is used and the adjusting entry for inventory is made once per year as part of the Year End Procedures. If beginning inventory is LESS than ending inventory for the specified period, the portion of the journal entry related to Inventory will be a (Answer IS NOT "C") Debit Not enough information provided Credit
Assume a company uses the periodic inventory system. Which of the following accounts would not be used in a journal entry to record purchases and related transactions? Select one: a. Purchase Returns and Allowances b. Purchase Discounts c. Merchandise Inventory d. Purchases
2. Net Income $185,000 EXCEL TEMPLATE periodic Inventory system. Appendix 2 PR 5-10A Periodic inventory accounts, multiple-step income statement, closing entries On December 31, 2045, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Cash $13.500 Dividends $ 25,000 Accounts Receivable 72,000 Sales 3,280,000 Inventory, January 1, 2045 257,000 Purchases 2,650,000 Estimated Returns Inventory Purchases Returns and Allowances 93.000 January 1, 2015 35.000 Purchases Discounts 37,000 Office Supplies 3,000 Freight in 48,000 Prepaid Insurance...
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...
Consider the following transactions for Galia Packing Supplies Click the icon to view the transactions.) Requirements 1. Joumalize the purchase transactions assuming Galia Packing Supplies uses the periodic inventory system. Explanations are not required 2. What is the amount of net purchases? Requirement 1. Joumalize the purchase transactions assuming Galia Packing Supplies uses the periodic inventory system. Explanations ae not required. (Record debits first, then credits Exclude explanations from joumal entries.) Apr. 10: Gala Packing Supplies buys $145,000 worth of...
Alpha used a periodic inventory system. Merchandise was purchased on account for $2,000. The transaction was F.O.B. shipping point. Freight of $100 was originally paid by the seller. Alpha's journal entry to reflect this purchase includes debits to: