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Using a perpetual inventory system, the entries to record receiving returned merchandise from a customer (assume...
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...
stion 4 Using a perpetual inventory system, which of the following entries would record the cost...
stion 4 Using a perpetual inventory system, which of the following entries would record the cost of merchandise sold? Debit Inventory; Credit Cost of Goods Sold Debit Sales Discount; Credit Accounts Payable Debit Cost of Goods Sold; Credit Purchase Discounts Debit Cost of Goods Sold; Credit Inventory None of these is correct
Clyde Corp. uses a perpetual inventory system. If Clyde sells inventory to a customer for $10,000...
Clyde Corp. uses a perpetual inventory system. If Clyde sells inventory to a customer for $10,000 on account and that inventory had cost Clyde $6,000, which of the following entries should Clyde record? debit accounts receivable $10,000, credit inventory $10,000 debit accounts receivable $10,000, credit sales revenue $10,000; debit cost of goods sold $6,000, credit inventory $6,000 debit accounts receivable $10,000, credit sales revenue $10,000; debit inventory $6,000, credit cost of goods sold $6,000 debit accounts receivable $4,000, debit inventory...
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer,...
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer, of merchandise purchased on account includes a: Select one: a. Credit to Purchases Returns b. Debit to Sales Returns and Allowances c. Debit to Accounts Receivable d. Debit to Cost of Goods Sold
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......
When merchandise is sold for cash, two entries are recorded. The second entry, to record the...
When merchandise is sold for cash, two entries are recorded. The second entry, to record the cost of merchandise sold, is OA) debit Cost of Goods Sold; credit Inventory OB) debit Inventory; credit Cost of Goods Sold C) debit Cost of Goods Sold; credit Sales OD) debit Accounts Receivable; credit Inventory
A company that uses the perpetual inventory system sold goods to a customer for cash for...
A company that uses the perpetual inventory system sold goods to a customer for cash for $4.500 The cost of the goods sold was $1.000 Which of the wong journal entre correctly records this transaction? 4.600 4600 4.600 4.600 1,000 OA Merchandise Inventory Sales Revenue OB Accounts Receivable Cash Cost of Goods Sold Merchandise Inventory O c. Cash Sales Revenue Cost of Goods Sold Merchandise Inventory OD. Cost of Goods Sold Sales Revenue 1,000 4,600 1,000 4,600 1,000 4,600
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and...
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and relurns occur and under periodic inventory system the Merchandise inventory account slays as its beginning balance unti the physical inventory is recorded at the and of the accounting period. True False Under the perpetual inventory systerm, in addition to making the entry to record a sala, a company wouid: A. Debit Marchandise Inventory and credit Cost of Goods Sold B. Debit Cost of Goods...
Forever Jewelers uses the perpetual inventory system. On April 2. Forever sold merchandise with a cost...
Forever Jewelers uses the perpetual inventory system. On April 2. Forever sold merchandise with a cost of $4,500 for $7,000 to a customer on account with terms of 1/15, 30 Which of the following journal entries correctly records the sales revenue? 6.930 6.930 4.500 4,500 OA Sales Revenue Accounts Receivable OB. Accounts Receivable Sales Revenue O C. Accounts Receivable Sales Revenue OD. Sales Revenue Cost of Goods Sold 6,930 6,930
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...
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...
stion 4 Using a perpetual inventory system, which of the following entries would record the cost of merchandise sold? Debit Inventory; Credit Cost of Goods Sold Debit Sales Discount; Credit Accounts Payable Debit Cost of Goods Sold; Credit Purchase Discounts Debit Cost of Goods Sold; Credit Inventory None of these is correct
Clyde Corp. uses a perpetual inventory system. If Clyde sells inventory to a customer for $10,000 on account and that inventory had cost Clyde $6,000, which of the following entries should Clyde record? debit accounts receivable $10,000, credit inventory $10,000 debit accounts receivable $10,000, credit sales revenue $10,000; debit cost of goods sold $6,000, credit inventory $6,000 debit accounts receivable $10,000, credit sales revenue $10,000; debit inventory $6,000, credit cost of goods sold $6,000 debit accounts receivable $4,000, debit inventory...
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer, of merchandise purchased on account includes a: Select one: a. Credit to Purchases Returns b. Debit to Sales Returns and Allowances c. Debit to Accounts Receivable d. Debit to Cost of Goods Sold
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......
When merchandise is sold for cash, two entries are recorded. The second entry, to record the cost of merchandise sold, is OA) debit Cost of Goods Sold; credit Inventory OB) debit Inventory; credit Cost of Goods Sold C) debit Cost of Goods Sold; credit Sales OD) debit Accounts Receivable; credit Inventory
A company that uses the perpetual inventory system sold goods to a customer for cash for $4.500 The cost of the goods sold was $1.000 Which of the wong journal entre correctly records this transaction? 4.600 4600 4.600 4.600 1,000 OA Merchandise Inventory Sales Revenue OB Accounts Receivable Cash Cost of Goods Sold Merchandise Inventory O c. Cash Sales Revenue Cost of Goods Sold Merchandise Inventory OD. Cost of Goods Sold Sales Revenue 1,000 4,600 1,000 4,600 1,000 4,600
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and relurns occur and under periodic inventory system the Merchandise inventory account slays as its beginning balance unti the physical inventory is recorded at the and of the accounting period. True False Under the perpetual inventory systerm, in addition to making the entry to record a sala, a company wouid: A. Debit Marchandise Inventory and credit Cost of Goods Sold B. Debit Cost of Goods...
Forever Jewelers uses the perpetual inventory system. On April 2. Forever sold merchandise with a cost of $4,500 for $7,000 to a customer on account with terms of 1/15, 30 Which of the following journal entries correctly records the sales revenue? 6.930 6.930 4.500 4,500 OA Sales Revenue Accounts Receivable OB. Accounts Receivable Sales Revenue O C. Accounts Receivable Sales Revenue OD. Sales Revenue Cost of Goods Sold 6,930 6,930
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