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Which of the following is a true statement about year-end...
anything helps 29. ccount balances, after closing entries have Apost-closing trial balance will reflect account balances,...
anything helps
29. ccount balances, after closing entries have Apost-closing trial balance will reflect account balances, after clos been posted to reset the temporary accounts, as follows: A) zero balances for balance sheet accounts. B) Balances only showing in income statement accounts C) Balances only showing for balance sheet accounts. D) zero balances for all accounts. 30. True or False: Ratio analysis expresses the relationship among selected items or financial statement data and includes liquidity, solvency and profitability ramos. A)...
Identify the statements below that are correct regarding the closing entries for a merchandiser using the...
Identify the statements below that are correct regarding the closing entries for a merchandiser using the perpetual inventory system. (Check all that apply.) Check all that apply. The Dividends account is closed to Income Summary Merchandise Inventory is closed with the expense accounts. The Dividends account is closed to Retained earnings. Sales Discounts is closed with the revenue accounts. Cost of goods sold is closed with the revenue accounts. Sales Returns and Allowances is closed with the expense accounts. Cost...
Accounting question below 1 If a net loss occurs, it appears in the Income Statement credit...
Accounting question below
1 If a net loss occurs, it appears in the Income Statement credit column and Statement of Retained Earnings debit column. Select one: True O False 2 Which of the following statements is false regarding the closing process? Select one or more: I a. The Dividends account is closed to Income Summary O b. The closing of expense accounts results in a debit to Income Summary. c. The Income Summary account is closed to the Retained Earnings...
1. Assets and liabilities are both decreased by credits. True False 2. The owner’s capital account...
1. Assets and liabilities are both decreased by credits. True False 2. The owner’s capital account is increased by credits. True False 3. The ledger is also known as the book of original entry. True False 4. Assets = Liabilities + Owner’s Capital – Drawings + Revenues – Expenses is a correct form of the expanded basic accounting equation. True False 5. Debits should be listed before credits in journal entries. True False15 6. The Drawings account is closed to...
Question 4 Which of the following statements is correct? The purchases account is used under both...
Question 4 Which of the following statements is correct? The purchases account is used under both the periodic and perpetual inventory systems. The perpetual inventory system continually updates the inventory, purchase discounts, and cost of goods sold accounts. Under the periodic inventory system, neither the cost of goods sold account nor the inventory account is computed on a daily basis. The perpetual inventory system requires a closing entry in order to determine cost of goods sold before cost of goods...
Cost of Goods Sold - Year-end closing entry: QuickBooks automatically debits cost of goods sold and...
Cost of Goods Sold - Year-end closing entry:
QuickBooks automatically debits cost of goods sold and
credits inventory for the product cost for each sale. The inventory
account is also automatically updated for the inventory purchases
and purchases returns. therefore, the QuickBooks data does
not include the following accounts from the SUA: A/C
#30500 (Purchases) and A/C #30600 (Purchase Returns and Allowance).
Waren treats purchase discounts taken and freight-in as a part of
cost of goods sold, but records them...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts Payable B) Purchase Returns and Allowances C) Inventory D) Purchases 6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization C. Sales Returns and Allowances D. Sales Discounts 7) To calculate the gross margin percentage, A. Divide net sales by net income B. Divide current assets by current liabilities C. Divide total liabilities by total assets D. Divide...
1. Which account would be credited when closing the account for rent expense for the year?...
1. Which account would be credited when closing the account for rent expense for the year? a. Rent Expense b. Prepaid Rent c. Rent Revenue d. Unearned Rent Revenue 2. Which of the following accounts is considered a permanent or real account? a. Prepaid Insurance b. Interest Revenue c. Insurance Expense d. Supplies Expense 3. Which of these accounts would be present in the closing entries? a. Dividends b. Accounts Receivable c. Unearned Service Revenue d. Sales Tax Payable 4....
need first picture answered and thus one answered (continued from the previous question) The journal entries...
need first picture answered
and thus one answered
(continued from the previous question) The journal entries recorded by Larson on 4/30/20.... Increase both assets and liabilities Reduce both assets and liabilities Do not change the total balance of Larson's assets Cause a change in Larson' net income for the year 2020 Cause a change in Larson's inventory balance On 3/1/20, the Larson Company, a large retailer, purchases merchandise from a supplier for $40,000, delivered the same day. At the time...
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....
anything helps
29. ccount balances, after closing entries have Apost-closing trial balance will reflect account balances, after clos been posted to reset the temporary accounts, as follows: A) zero balances for balance sheet accounts. B) Balances only showing in income statement accounts C) Balances only showing for balance sheet accounts. D) zero balances for all accounts. 30. True or False: Ratio analysis expresses the relationship among selected items or financial statement data and includes liquidity, solvency and profitability ramos. A)...
Identify the statements below that are correct regarding the closing entries for a merchandiser using the perpetual inventory system. (Check all that apply.) Check all that apply. The Dividends account is closed to Income Summary Merchandise Inventory is closed with the expense accounts. The Dividends account is closed to Retained earnings. Sales Discounts is closed with the revenue accounts. Cost of goods sold is closed with the revenue accounts. Sales Returns and Allowances is closed with the expense accounts. Cost...
Accounting question below
1 If a net loss occurs, it appears in the Income Statement credit column and Statement of Retained Earnings debit column. Select one: True O False 2 Which of the following statements is false regarding the closing process? Select one or more: I a. The Dividends account is closed to Income Summary O b. The closing of expense accounts results in a debit to Income Summary. c. The Income Summary account is closed to the Retained Earnings...
Cost of Goods Sold - Year-end closing entry:
QuickBooks automatically debits cost of goods sold and
credits inventory for the product cost for each sale. The inventory
account is also automatically updated for the inventory purchases
and purchases returns. therefore, the QuickBooks data does
not include the following accounts from the SUA: A/C
#30500 (Purchases) and A/C #30600 (Purchase Returns and Allowance).
Waren treats purchase discounts taken and freight-in as a part of
cost of goods sold, but records them...
need first picture answered
and thus one answered
(continued from the previous question) The journal entries recorded by Larson on 4/30/20.... Increase both assets and liabilities Reduce both assets and liabilities Do not change the total balance of Larson's assets Cause a change in Larson' net income for the year 2020 Cause a change in Larson's inventory balance On 3/1/20, the Larson Company, a large retailer, purchases merchandise from a supplier for $40,000, delivered the same day. At the time...
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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