The proper journal entry to record the receipt of inventory purchased on account in a periodic...
The proper journal entry to record the receipt of inventory purchased on account in a periodic inventory system would be
Jan. 1Purchases1,600
Accounts Receivable1,600
Jan. 1Inventory1,600
Accounts Payable1,600
Jan. 1Purchases1,600
Accounts Payable1,600
Jan. 1Office Supplies1,600
Accounts Payable1,600
Homework Answers
Correct answer----------
Jan. 1 Purchases 1,600
Accounts Payable 1,600
.
In periodic accounting the merchandise inventor is not debited since merchandise is updated at the year end only. Purchases account is used instead of inventory account in periodic system.
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The proper journal entry to record the receipt of inventory
purchased on account in a periodic...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
Using the periodic method, what is the journal entry to record the purchase of 2000 of merchandise inventory on account?
Using the periodic method, what is the journal entry to record the purchase of 2000 of merchandise inventory on account?A. Dr. Purchases 2,000 Cr. Cash 2,000B. Dr. Cash 2,000 Cr. Purchases 2,000C. Dr. Purchases 2,000 Cr. AccountsD. Dr. Merchandise Inventory 2,000 Cr. Accounts Receivable 2,000E. None of the above
Your company uses the Periodic Inventory system. What is the journal entry to record returning merchandise...
Your company uses the Periodic Inventory system. What is the journal entry to record returning merchandise inventory to your vendor that was bought on- account? dr. Choose... Cr. Choose... dr. Merchandise Inventory dr. Purchases Returns & Allowances Your comp What is the account? cr. Accounts Payable cr. Merchandise Inventory cr. Purchases Returns & Allowances ndise inventory to your vendor that was bought on- dr. dr. Accounts Payable Your company uses the Perpetual Inventory system. What is the journal entry to...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue (4) cr. dr. Cash (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchased on dr. Accounts Receivable dr. Choose......
Fan Company sells inventory on account. The entry or entries to record this sale using a...
Fan Company sells inventory on account. The entry or entries to record this sale using a perpetual inventory system would include a: Multiple Choice Debit to Accounts Receivable Credit to Sales Revenue Debit to Cost of Goods Sold. All of the these are included to record the sale. Katie Malls has the following inventory transactions for the year: Date Jan. 1 Apr. 8 Transaction Beginning inventory Purchase Numbers of Units 20 50 Unit Cost $35 40 Total cost $ 700...
** THE 6 JOURNAL ENTRIES** 1. Record entry merchandise inventory purchased for cash. 2. Record entry...
** THE 6 JOURNAL ENTRIES**
1. Record entry merchandise inventory purchased for cash.
2. Record entry merchandise inventory purchased for cash.
3. Record sale of inventory for cash.
4. Record entry for cost of goods sold.
5. Record entry for operating expenses paid.
6. Record entry for income tax expenses paid.
Required information [The following information applies to the questions displayed below.) The following information pertains to the inventory of Parvin Company during Year 2 Jan. 1 Apr. 1 Oct....
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account...
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for $60,000. Record transactions for the purchase and sale of inventory. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the purchase of inventory on account. Note: Enter debits before credits....
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms...
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms of 3/16, 1/40. Defective inventory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted if the company paid the invoice 30 days later, the journal entry to record the payment would be O A 5430.000 debit to Accounts Payable and 5430,000 credit to Cash O . 5500.000 debit to Accounts Payable and $500,000 credit to Cash OC. 3500,000 debit to...
ZB Company Purchased $5,000 of inventory on account from a supplier. ZB Company uses the periodic...
ZB Company Purchased $5,000 of inventory on account from a supplier. ZB Company uses the periodic inventory system. What is the correct journal entry for this transaction? Purchases $5,000 Accounts Payable $5,000 Accounts Payable $5,000 Purchase:s $5,000 Inventory $5,000 Accounts Payable $5,000 Purchase:s $5,000 Accounts Receivable $5,000
Prepare the journal entries to record these transactions on Cullumber Company’s books using a periodic inventory...
Prepare the journal entries to record these transactions on Cullumber Company’s books using a periodic inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Cullumber Company purchased $886,000 of merchandise from Oriole Company, terms 3/10, n/30. (b) On March 6, Cullumber...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
Your company uses the Periodic Inventory system. What is the journal entry to record returning merchandise inventory to your vendor that was bought on- account? dr. Choose... Cr. Choose... dr. Merchandise Inventory dr. Purchases Returns & Allowances Your comp What is the account? cr. Accounts Payable cr. Merchandise Inventory cr. Purchases Returns & Allowances ndise inventory to your vendor that was bought on- dr. dr. Accounts Payable Your company uses the Perpetual Inventory system. What is the journal entry to...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue (4) cr. dr. Cash (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchased on dr. Accounts Receivable dr. Choose......
Fan Company sells inventory on account. The entry or entries to record this sale using a perpetual inventory system would include a: Multiple Choice Debit to Accounts Receivable Credit to Sales Revenue Debit to Cost of Goods Sold. All of the these are included to record the sale. Katie Malls has the following inventory transactions for the year: Date Jan. 1 Apr. 8 Transaction Beginning inventory Purchase Numbers of Units 20 50 Unit Cost $35 40 Total cost $ 700...
** THE 6 JOURNAL ENTRIES**
1. Record entry merchandise inventory purchased for cash.
2. Record entry merchandise inventory purchased for cash.
3. Record sale of inventory for cash.
4. Record entry for cost of goods sold.
5. Record entry for operating expenses paid.
6. Record entry for income tax expenses paid.
Required information [The following information applies to the questions displayed below.) The following information pertains to the inventory of Parvin Company during Year 2 Jan. 1 Apr. 1 Oct....
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for $60,000. Record transactions for the purchase and sale of inventory. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the purchase of inventory on account. Note: Enter debits before credits....
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms of 3/16, 1/40. Defective inventory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted if the company paid the invoice 30 days later, the journal entry to record the payment would be O A 5430.000 debit to Accounts Payable and 5430,000 credit to Cash O . 5500.000 debit to Accounts Payable and $500,000 credit to Cash OC. 3500,000 debit to...
ZB Company Purchased $5,000 of inventory on account from a supplier. ZB Company uses the periodic inventory system. What is the correct journal entry for this transaction? Purchases $5,000 Accounts Payable $5,000 Accounts Payable $5,000 Purchase:s $5,000 Inventory $5,000 Accounts Payable $5,000 Purchase:s $5,000 Accounts Receivable $5,000
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