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| B. No |
| C. Yes |
| D. No |
| E. Yes |
| F. No |
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Which of the following would be added to the Inventory account for a merchandising business using...
LOL. What are merchandising operations a) List and describe the operating cycle of a merchandising business:...
LOL. What are merchandising operations a) List and describe the operating cycle of a merchandising business: b) In your own words, define Cost of Goods Sold? c) In your own words, define Gross Profit and how is it calculated? a) What is the difference between the period and perpetual inventory systems? LO2. How are purchases of merchandise inventory recorded in a perpetual inventory system a) Using the perpetual system, Journalize for: a) the purchase of merchandise inventory of $1,000 on...
QUESTIONS Which of the following is CORRECT? Under the perpetual inventory wystem, when a purchaser makes...
QUESTIONS Which of the following is CORRECT? Under the perpetual inventory wystem, when a purchaser makes payment within the discount period, the amount of discount will be credited to the Merchandise Inventory account Purchase discounts are calculated on the amount of the merchandise purchased including freight costs. A purchase discount is the amount offered to the purchaser for delaying the payment to the seller Credit terms of a merchandising company are 1/15, net 40. This means that the buyer can...
Why is the perpetual inventory system superior to the periodic system for business purposes? What are...
Why is the perpetual inventory system superior to the periodic system for business purposes? What are the two allowance methods used to account for bad debts. Explain who would be most interested in each and why. Why is accounting important to the business would Which accounting method should be used to meet GAAP requirements and why when recording a sale when a cash discount is offered?
Which of the following would be included in the Inventory account on a merchandising company's balance...
Which of the following would be included in the Inventory account on a merchandising company's balance sheet? O A. advertising costs O B. delivery costs O c. shipping costs from the manufacturer to the merchandising company OD. sales commissions
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. 11 Returned $600 of merchandise purchased on July 9 from Leight Co. and debited its account payable for that amount. 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount....
Following are the merchandising transactions for Dollar Store. Nov. 1 Dollar Store purchases merchandise for $1,200...
Following are the merchandising transactions for Dollar Store. Nov. 1 Dollar Store purchases merchandise for $1,200 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and returns $150 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. 10 Dollar Store pays $60 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells...
Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising
transactions of Cabela’s, which uses the perpetual inventory system
and the gross method.
Journal entry worksheet in second pic goes 1 through 17
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. July 1 Purchased merchandise from Boden Company...
Complete the following table assuming the business uses perpetual inventory system. indicate the account to debit...
Complete the following table assuming the business uses perpetual inventory system. indicate the account to debit and the account to credit and show the effect on the accounting equation. The first is done for you as an example. Transaction Account debit Account credit Asset Owners equity Liability Credit purchase of goods Trading inventory Creditors control + 0 + Cash purchase of goods. Cash sale of goods Credit sale of goods Goods returned to creditors Goods returned to debtors Goods donated...
QUESTION 1: MERCHANDISING AND INVENTORY VALUATIO 2 of 9 1. A merchandising business sells merchandise for...
QUESTION 1: MERCHANDISING AND INVENTORY VALUATIO 2 of 9 1. A merchandising business sells merchandise for $20.000 cash This merchandise cost the company $12.00 The company uses a perpetual inventory method Prepare the journal entries to record this sale. (4 marks) Date Account Title Ref Debit Credit INVENTORY VALUATIONS Beta Radios uses a periodic inventory system. The beginning inventory of Model X5 radios and the purchases for the year were as follows: (16 marks) Jan. 1 Beginning inventory 1,000 units...
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
LOL. What are merchandising operations a) List and describe the operating cycle of a merchandising business: b) In your own words, define Cost of Goods Sold? c) In your own words, define Gross Profit and how is it calculated? a) What is the difference between the period and perpetual inventory systems? LO2. How are purchases of merchandise inventory recorded in a perpetual inventory system a) Using the perpetual system, Journalize for: a) the purchase of merchandise inventory of $1,000 on...
QUESTIONS Which of the following is CORRECT? Under the perpetual inventory wystem, when a purchaser makes payment within the discount period, the amount of discount will be credited to the Merchandise Inventory account Purchase discounts are calculated on the amount of the merchandise purchased including freight costs. A purchase discount is the amount offered to the purchaser for delaying the payment to the seller Credit terms of a merchandising company are 1/15, net 40. This means that the buyer can...
Why is the perpetual inventory system superior to the periodic system for business purposes? What are the two allowance methods used to account for bad debts. Explain who would be most interested in each and why. Why is accounting important to the business would Which accounting method should be used to meet GAAP requirements and why when recording a sale when a cash discount is offered?
Which of the following would be included in the Inventory account on a merchandising company's balance sheet? O A. advertising costs O B. delivery costs O c. shipping costs from the manufacturer to the merchandising company OD. sales commissions
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. 11 Returned $600 of merchandise purchased on July 9 from Leight Co. and debited its account payable for that amount. 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount....
Prepare journal entries to record the following merchandising
transactions of Cabela’s, which uses the perpetual inventory system
and the gross method.
Journal entry worksheet in second pic goes 1 through 17
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. July 1 Purchased merchandise from Boden Company...
QUESTION 1: MERCHANDISING AND INVENTORY VALUATIO 2 of 9 1. A merchandising business sells merchandise for $20.000 cash This merchandise cost the company $12.00 The company uses a perpetual inventory method Prepare the journal entries to record this sale. (4 marks) Date Account Title Ref Debit Credit INVENTORY VALUATIONS Beta Radios uses a periodic inventory system. The beginning inventory of Model X5 radios and the purchases for the year were as follows: (16 marks) Jan. 1 Beginning inventory 1,000 units...
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
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