The steps in preparing closing entries under the periodic inventory system include all of the following...
The steps in preparing closing entries under the periodic inventory system include all of the following except a
a.debit each revenue account, purchases discounts, and purchases returns and allowances.
b.credit cost of goods sold for its balance.
c.credit each expense account, purchases, and Freight In.
d.debit Inventory for its end-of-period balance.
Homework Answers
Solution:
The steps in preparing closing entries under the periodic inventory system include all of the following except a "credit cost of goods sold for its balance."
Explanation: Under periodic inventory system, cost of goods sold account is not maintained in books.
Hence option b is correct.
Add Answer to:
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Could you show me the steps? Thanks :)
Sarasota Corp. uses a periodic inventory system and reports the following information: sales $1,830,000; sales returns and allowances $128,000; sales discounts $31,000; purchases $883,000; purchase returns and allowances $14,000; purchase discounts $15,000; freight in $18,000; freight out $39,000; beginning inventory $94,000; and ending inventory $78,000. Assuming Sarasota uses a multiple-step income statement.
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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,...
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
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