Homework Answers
Answer-5)- Freight costs incurred by a seller on merchandise sold to customers will cause an increase = in operating expenses for the seller.
Answer-10)- Under the perpetual inventory system, in addition to making the entry to record a sale, a company would = debit Cost of Goods sold credit Inventory.
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Question 5 Freight costs incurred by a seller on merchandise sold to customers will cause an...
A company sold merchandise with a cost of $213 for $440 on account. The seller uses...
A company sold merchandise with a cost of $213 for $440 on account. The seller uses the perpetual inventory sy he entry to record the cost of merchandise sold would include a debit to Sales Revenue and a credit to Cash for $440 a debit to Cash and a credit to Sales Revenue for $440 a debit to Merchandise Inventory for $213 and a credit to Cost of Goods Sold for $213 debit to Cost of Goods Sold and a...
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...
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...
Merchandise is sold FOB shipping point. If the seller prepays the delivery costs and adds them...
Merchandise is sold FOB shipping point. If the seller prepays the delivery costs and adds them to the customer's invoice, the entry the seller must prepare, will O A. debit Accounts Receivable and credit Cash. OB. debit Delivery Expense and credit Cash O C. debit Inventory and credit Cash. OD. debit Cash and credit Inventory
Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $110,300,...
Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $110,300, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,180. Shore paid freight of $2,000. þournalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. DO OD Journalize Blue Star Coi's entry for the sale, purchase,...
Flint Ltd. and Pina Colada Ltd. incurred the following merchandise transactions in June. June 10 Flint...
Flint Ltd. and Pina Colada Ltd. incurred the following
merchandise transactions in June.
June
10
Flint sold $4,600 of merchandise to Pina Colada, terms 1/10,
n/30, FOB shipping point. The merchandise cost Duvall $2,760 when
it was originally purchased.
11
Freight costs of $210 were paid by the appropriate
company.
12
Flint received damaged goods returned by Pina Colada for
credit. The goods were originally sold for $300; the cost of the
returned merchandise was $180. The merchandise was not...
Question 9 1 pts Two hundred dollars worth of merchandise purchased on account and paid for...
Question 9 1 pts Two hundred dollars worth of merchandise purchased on account and paid for at an earlier time is now being returned for credit to be applied towards future purchases from this vendor. The credit terms were 2/10, n/30 and the original total invoice of $200, was paid within the discount period. Which of the following is the correct journal entry for the buyer, our customer, to record the return, assuming a perpetual inventory system is used? Receivable,...
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...
THANK YOU SO MUCH I WILL BE SURE TO LEAVE A GREAT RATING AND NOTE!!!!! 20. The primary difference between the periodic and perpetual inventory systems is that a periodic system determines the inventor...
THANK YOU SO MUCH I WILL BE SURE TO LEAVE A GREAT RATING AND NOTE!!!!! 20. The primary difference between the periodic and perpetual inventory systems is that a periodic system determines the inventory on hand only at the end of the accounting period periodic system provides an easy means to determine inventory shrinkage periodic system records the cost of the sale on the date the sale is made periodic system keeps a record showing the inventory on hand at...
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...
A company sold merchandise with a cost of $213 for $440 on account. The seller uses the perpetual inventory sy he entry to record the cost of merchandise sold would include a debit to Sales Revenue and a credit to Cash for $440 a debit to Cash and a credit to Sales Revenue for $440 a debit to Merchandise Inventory for $213 and a credit to Cost of Goods Sold for $213 debit to Cost of Goods Sold and a...
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...
Merchandise is sold FOB shipping point. If the seller prepays the delivery costs and adds them to the customer's invoice, the entry the seller must prepare, will O A. debit Accounts Receivable and credit Cash. OB. debit Delivery Expense and credit Cash O C. debit Inventory and credit Cash. OD. debit Cash and credit Inventory
Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $110,300, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,180. Shore paid freight of $2,000. þournalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. DO OD Journalize Blue Star Coi's entry for the sale, purchase,...
Flint Ltd. and Pina Colada Ltd. incurred the following
merchandise transactions in June.
June
10
Flint sold $4,600 of merchandise to Pina Colada, terms 1/10,
n/30, FOB shipping point. The merchandise cost Duvall $2,760 when
it was originally purchased.
11
Freight costs of $210 were paid by the appropriate
company.
12
Flint received damaged goods returned by Pina Colada for
credit. The goods were originally sold for $300; the cost of the
returned merchandise was $180. The merchandise was not...
Question 9 1 pts Two hundred dollars worth of merchandise purchased on account and paid for at an earlier time is now being returned for credit to be applied towards future purchases from this vendor. The credit terms were 2/10, n/30 and the original total invoice of $200, was paid within the discount period. Which of the following is the correct journal entry for the buyer, our customer, to record the return, assuming a perpetual inventory system is used? Receivable,...
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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