Homework Answers
a. Cost of goods sold
b. Subsidiary ledger
c. Contra Revenue Account
d. Purchase Returns
e. FOB destination
f. Periodic inventory system
g. Sales Discount
h. Gross Profit
i. Non Operating Activities
j. FOB shipping out
k. Perpetual inventory system
l. Merchandise inventory
m. Profit margin
n. Purchase Discount
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ng are some of the terms discussed in the chapter Match concepts with descriptions 1. Gross...
a . 43% Aa -» QD Instructions Match each term with the best description below. Each...
a . 43% Aa -» QD Instructions Match each term with the best description below. Each term may be used more than once, or may not be used at all. An expense account that shows the cost of merchandise sold A group of accounts that share a common characteristic, such as all inventory accounts _An account, such as Sales Discounts, that is deducted from a revenue account on the income statement d. The return of unsatisfactory purchased merchandise Freight terms...
B * 67%C4) Mon 1:00 PM a ⓇO E5.2 (LO 1, 2, 3, 4, 5, 6) K The following are some of the terms discussed in the chap...
B * 67%C4) Mon 1:00 PM a ⓇO E5.2 (LO 1, 2, 3, 4, 5, 6) K The following are some of the terms discussed in the chapter: Match concepts with descriptions. 1. Gross profit 2. Perpetual inventory system 3. Cost of goods sold 4. Purchase returns 5. Freight out 6. FOB shipping point 7. Periodic inventory system 8. Subsidiary ledger 9. Sales discounts 10. FOB destination 11. Sales allowance 12. Non-operating activities 13. Profit margin 14. Contra revenue account...
Journalize the following transactions for the buyer, Reed Company, using the gross method to account for...
Journalize the following transactions for the buyer, Reed Company, using the gross method to account for purchase discounts. Assume a perpetual inventory system. Purchased merchandise from Green Company on account, $5,000, terms 4/10, n/30. The goods are shipped FOB shipping point, freight prepaid by seller, $230. November 3 November 9 Returned to Green Company merchandise previously purchased on account, $200. Paid the amount due to Green Company. November 14 Date Account Title Debit Credit * (Choose one) Accounts Payable Accounts...
7:57 Aa » QD P9.9 (LO 5) (Retail Inventory Method) Presented below is information related to...
7:57 Aa » QD P9.9 (LO 5) (Retail Inventory Method) Presented below is information related to Waveland Inc. Cost Retail Inventory, $250,000 12/31/20 390,000 Purchases 914.500 1,460,000 Purchase 60,000 80,000 returns Purchase 18,000 discounts Gross sales 1,410,000 revenue (after employee discounts) Sales returns 97,500 Markups 120,000 Markup 40,000 cancellations Markdowns 45,000 Markdown 20,000 cancellations Freight-in 42,000 Employee 8,000 discounts granted Loss from 4.500 breakage (normal) 9-42 Reader Contents Notebook Bookmarks More 7:57 Aa 1» QD 914.500 60,000 390,000 1,460,000 80,000...
Match each of the following terms (a-h) with the correct definition below. Clear All Inventory system...
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...
Journalize the following transactions for the seller, Jackson Company, using the gross method to account for...
Journalize the following transactions for the seller, Jackson Company, using the gross method to account for sales discounts. Assume a perpetual inventory system. Make sure to enter the day for each separate transaction. May 1 Sold goods costing $8,400 to Powell Company on account, $14,000, terms 2/10, n/30. The goods are sold FOB shipping point, freight prepaid by seller, $390. May 7 Powell Company returned damaged merchandise previously purchased on account, $1,000. May 11 Received the amount due from Powell...
Which of the following items will require an adjusting journal entry on a company's books? O...
Which of the following items will require an adjusting journal entry on a company's books? O Outstanding checks O Deposits in transit O NSF check O Error made by the bank Which of the following costs should be added to the buyer's Inventory account? O Freight-in costs with terms FOB destination O Freight-in costs with terms FOB shipping point O Freight-out costs with terms FOB shipping point O Freight-out costs with terms FOB destination Which of the following is a...
Accounting questions A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit s...
Accounting questions
A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit sale of S5000 Sales Revenue Inventory Cost of Goods Sold S3,000 B) Cash Service Revenue C) Accounts Receivable S5,000 $3.000 $5,000 $3.000 $3,000 D) Service Revenue S5,000 Accounts Receivable S5,000 Sales Revenue Cost of Goods Sold S3,000 Inventory $3,000 $5,000 29. Waggy Company identi Indicate whether each item should each item should be included or excluded from the inventory taking ems...
A. Credit period B. Credit terms C. Discount period D. FOB destination E. FOB shipping point...
A. Credit period B. Credit terms C. Discount period D. FOB destination E. FOB shipping point F. General and administrative expenses G. Gross profit H. Inventory shrinkage 1. Merchandise inventory J. Multiple-step income statement K. Periodic inventory system L. Perpetual inventory system M. Purchase allowance N. Purchases discounts O. Sales discount P. Selling expenses Q. Shrinkage R. Single-step income statement S. Trade discount __A cash discount granted from the view of the seller, indicated in the credit terms on the...
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is...
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is more likely to know the amount of inventory on hand at any time if it uses 2. the perpetual system than if it uses the periodic system. ue less cost of goods sold equals gross profit. of F 3. Net sales revenue T sales discounts and sales returns/allowances equals net sales. 5. A reduction given by the seller for sales discount by the seller....
a . 43% Aa -» QD Instructions Match each term with the best description below. Each term may be used more than once, or may not be used at all. An expense account that shows the cost of merchandise sold A group of accounts that share a common characteristic, such as all inventory accounts _An account, such as Sales Discounts, that is deducted from a revenue account on the income statement d. The return of unsatisfactory purchased merchandise Freight terms...
B * 67%C4) Mon 1:00 PM a ⓇO E5.2 (LO 1, 2, 3, 4, 5, 6) K The following are some of the terms discussed in the chapter: Match concepts with descriptions. 1. Gross profit 2. Perpetual inventory system 3. Cost of goods sold 4. Purchase returns 5. Freight out 6. FOB shipping point 7. Periodic inventory system 8. Subsidiary ledger 9. Sales discounts 10. FOB destination 11. Sales allowance 12. Non-operating activities 13. Profit margin 14. Contra revenue account...
Journalize the following transactions for the buyer, Reed Company, using the gross method to account for purchase discounts. Assume a perpetual inventory system. Purchased merchandise from Green Company on account, $5,000, terms 4/10, n/30. The goods are shipped FOB shipping point, freight prepaid by seller, $230. November 3 November 9 Returned to Green Company merchandise previously purchased on account, $200. Paid the amount due to Green Company. November 14 Date Account Title Debit Credit * (Choose one) Accounts Payable Accounts...
7:57 Aa » QD P9.9 (LO 5) (Retail Inventory Method) Presented below is information related to Waveland Inc. Cost Retail Inventory, $250,000 12/31/20 390,000 Purchases 914.500 1,460,000 Purchase 60,000 80,000 returns Purchase 18,000 discounts Gross sales 1,410,000 revenue (after employee discounts) Sales returns 97,500 Markups 120,000 Markup 40,000 cancellations Markdowns 45,000 Markdown 20,000 cancellations Freight-in 42,000 Employee 8,000 discounts granted Loss from 4.500 breakage (normal) 9-42 Reader Contents Notebook Bookmarks More 7:57 Aa 1» QD 914.500 60,000 390,000 1,460,000 80,000...
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...
Which of the following items will require an adjusting journal entry on a company's books? O Outstanding checks O Deposits in transit O NSF check O Error made by the bank Which of the following costs should be added to the buyer's Inventory account? O Freight-in costs with terms FOB destination O Freight-in costs with terms FOB shipping point O Freight-out costs with terms FOB shipping point O Freight-out costs with terms FOB destination Which of the following is a...
Accounting questions
A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit sale of S5000 Sales Revenue Inventory Cost of Goods Sold S3,000 B) Cash Service Revenue C) Accounts Receivable S5,000 $3.000 $5,000 $3.000 $3,000 D) Service Revenue S5,000 Accounts Receivable S5,000 Sales Revenue Cost of Goods Sold S3,000 Inventory $3,000 $5,000 29. Waggy Company identi Indicate whether each item should each item should be included or excluded from the inventory taking ems...
A. Credit period B. Credit terms C. Discount period D. FOB destination E. FOB shipping point F. General and administrative expenses G. Gross profit H. Inventory shrinkage 1. Merchandise inventory J. Multiple-step income statement K. Periodic inventory system L. Perpetual inventory system M. Purchase allowance N. Purchases discounts O. Sales discount P. Selling expenses Q. Shrinkage R. Single-step income statement S. Trade discount __A cash discount granted from the view of the seller, indicated in the credit terms on the...
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is more likely to know the amount of inventory on hand at any time if it uses 2. the perpetual system than if it uses the periodic system. ue less cost of goods sold equals gross profit. of F 3. Net sales revenue T sales discounts and sales returns/allowances equals net sales. 5. A reduction given by the seller for sales discount by the seller....
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