Homework Answers
| 1 | NSF check | ||
| 2 | Freight-in costs with terms FOB shipping point | ||
| 3 | The Sales Returns and Allowances account is a contra revenue account | ||
| 4 | Decrease Inventory, No effect on Cost of Goods Sold; Decrease Accounts Payable | ||
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Which of the following items will require an adjusting journal entry on a company's books? O...
6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization...
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 gross margin by net sales 8) If a purchaser returns goods purchased on account to the supplier under a perpetual inventory system, the purchaser would debit:...
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...
6) Assume the Murtha Company reported the following adjusted account balances at year-end. 2016 2015 $1,560,200...
6) Assume the Murtha Company reported the following adjusted account balances at year-end. 2016 2015 $1,560,200 $1,210,92% (79.000) _(64.600) $1.481,200 $1,146,320 Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net D) $64,600 C) $79,000 w the company recorded no write-offs or recoveries during 2016. What was the amount of BI B) $14,400 Assume the company recorded no write-offs or Expense reported in 2016? A) $28,800 7) Your company has 100 units in in market value of $14. The en many...
1) ABC Company’s December 31, 2017 inventory value was reported $ 500,000. The physical inventory count...
1) ABC Company’s December 31, 2017 inventory value was reported $ 500,000. The physical inventory count value was $ 475,000. The adjusting entry required to record the discrepancy was: A) Debit Cost of Goods Sold $ 25,000 and credit inventory $ 25,000 B) Debit inventory $ 25,000 and credit Cost of Goods Sold $ 25,000 C) Can’t be determined D) Debit Cost of Goods Sold $ 12,500 and credit inventory $ 12,500 2) Credit terms of 1/10 n/30 indicates that...
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...
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1...
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $28,800. 2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/45. The cost of the merchandise sold was...
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...
Problem 5-1A Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of...
Problem 5-1A Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Powell's inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred. June 1 3 6 9 15 17 20 24 26 28 30 Purchased books on account for $1,600 from Kline Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for...
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...
EX#2 - Glossary: Define an inventory system in which the company does not maintain detailed records...
EX#2 - Glossary: Define an inventory system in which the company does not maintain detailed records of goods on hand throughout the accounting period and determines cost of goods sold only at the end of the accounting period. A Perpetual inventory system Periodic inventory system Just-in-Time Inventory System 0. Specific Identification Inventory Method TEXA2-Glossary: A perpetual inventory System Als updated each time an Her is purchase and updates cost of goods sold. B. Uses optical scanners and bar codes to...
6) Assume the Murtha Company reported the following adjusted account balances at year-end. 2016 2015 $1,560,200 $1,210,92% (79.000) _(64.600) $1.481,200 $1,146,320 Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net D) $64,600 C) $79,000 w the company recorded no write-offs or recoveries during 2016. What was the amount of BI B) $14,400 Assume the company recorded no write-offs or Expense reported in 2016? A) $28,800 7) Your company has 100 units in in market value of $14. The en many...
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...
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...
Problem 5-1A Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Powell's inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred. June 1 3 6 9 15 17 20 24 26 28 30 Purchased books on account for $1,600 from Kline Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for...
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...
EX#2 - Glossary: Define an inventory system in which the company does not maintain detailed records of goods on hand throughout the accounting period and determines cost of goods sold only at the end of the accounting period. A Perpetual inventory system Periodic inventory system Just-in-Time Inventory System 0. Specific Identification Inventory Method TEXA2-Glossary: A perpetual inventory System Als updated each time an Her is purchase and updates cost of goods sold. B. Uses optical scanners and bar codes to...
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