Homework Answers
Answer : Purchases
Explanation : Under periodic inventory system for purchase of inventory purchase account is used whereas in perpetual inventory system purchases are debited to inventory account.
Add Answer to:
n (Cumulative)-Part 1 Help Sa Which of the following accounts is used in the periodic inventory...
1. Which of the following accounts are used when recording a purchase using a periodic inventory...
1. Which of the following accounts are used when recording a purchase using a periodic inventory system? a. cash, purchases b. accounts payable, sales c. accounts payable, accounts receivable d. cash, merchandise inventory 2. A multi-step income statement ________. a. separates cost of goods sold from operating expenses b. considers interest revenue an operating activity c. is another name for a simple income statement d. combines cost of goods sold and operating expenses 3. A customer returns $870 worth of...
PR 6-10A Periodic Inventory Accounts, Multiple-Step Income Statement, Closing Entries the Journalize the periodic inventory system...
PR 6-10A Periodic Inventory Accounts, Multiple-Step Income
Statement, Closing Entries
the Journalize the periodic inventory system Appendix PR 6-9A Sales-related and purchase-related transactions for buyer and seller using periodic inventory system Selected transactions during August between Summit Company and Beartooth Co. are listed in Problem 64A. Instructions Journalize the entries to record the transactions for (1) Summit Company and (2) Beartooth Co., assuming that both companies use the periodic inventory system. Appendix PR 6-10A Periodic inventory accounts, multiple-step income statement,...
2. Net Income $185,000 EXCEL TEMPLATE periodic Inventory system. Appendix 2 PR 5-10A Periodic inventory accounts,...
2. Net Income $185,000 EXCEL TEMPLATE periodic Inventory system. Appendix 2 PR 5-10A Periodic inventory accounts, multiple-step income statement, closing entries On December 31, 2045, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Cash $13.500 Dividends $ 25,000 Accounts Receivable 72,000 Sales 3,280,000 Inventory, January 1, 2045 257,000 Purchases 2,650,000 Estimated Returns Inventory Purchases Returns and Allowances 93.000 January 1, 2015 35.000 Purchases Discounts 37,000 Office Supplies 3,000 Freight in 48,000 Prepaid Insurance...
Assume a company uses the periodic inventory system. Which of the following accounts would not be...
Assume a company uses the periodic inventory system. Which of the following accounts would not be used in a journal entry to record purchases and related transactions? Select one: a. Purchase Returns and Allowances b. Purchase Discounts c. Merchandise Inventory d. Purchases
Bookmarks Window Help Update Apple iOS Son accounts cornecimetionem hapter 4-6 0 Help Save & Eat...
Bookmarks Window Help Update Apple iOS Son accounts cornecimetionem hapter 4-6 0 Help Save & Eat Sub A company purchased $2,600 of merchandise on July 5 with terms 3/10, 1/30. On July 7, it returned $600 worth of merchandise On July 12, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is: Multiple Choice o Debit Merchandise...
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...
Appendix 2 PR 5-10A Periodic inventory accounts, multiple-step income statement, closing entries On December 31, 2045,...
Appendix 2 PR 5-10A Periodic inventory accounts, multiple-step income statement, closing entries On December 31, 2045, the balances of the accounts appearing in the ledger of Wyman Company are as follows: $ 13,500 72,000 257,000 35,000 3,000 4,500 150,000 270,000 Cash Accounts Receivable Inventory, January 1, 2045 Estimated Returns Inventory, January 1, 2015 Office Supplies Prepaid Insurance Land Store Equipment Accumulated Depreciation- Store Equipment Office Equipment Accumulated Depreciation- Office Equipment Accounts Payable Salaries Payable Customer Refunds Payable Unearned Rent Notes...
Appendix 2 PR 5-10B Periodic inventory accounts, multiple-step income statement, closing entries On June 30, 2019,...
Appendix 2 PR 5-10B Periodic inventory accounts, multiple-step income statement, closing entries On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Cash $125,000 Accounts Receivable Dividends $ 275,000 Inventory, July 1, 2048 340,000 Sales 6,590,000 415,000 Purchases Estimated Returns Inventory, 4,100,000 Purchases Returns and Allowances July 1, 2048 32,000 25,000 Purchases Discounts 13,000 Office Supplies 45,000 9,000 Freight In Prepaid Insurance 18,000 Sales Salaries Expense 580,000 Land 300,000 Advertising Expense...
Which of the following is a true statement for a company using a perpetual inventory system?...
Which of the following is a true statement for a company using a perpetual inventory system? Multiple Choice Purchase returns and allowances is a contra-account to accounts receivable. Sales returns and allowances is a contra-account to revenue. Sales returns and allowances is a contra-account to inventory. Purchase returns and allowances is a contra-account to revenue.
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...
PR 6-10A Periodic Inventory Accounts, Multiple-Step Income
Statement, Closing Entries
the Journalize the periodic inventory system Appendix PR 6-9A Sales-related and purchase-related transactions for buyer and seller using periodic inventory system Selected transactions during August between Summit Company and Beartooth Co. are listed in Problem 64A. Instructions Journalize the entries to record the transactions for (1) Summit Company and (2) Beartooth Co., assuming that both companies use the periodic inventory system. Appendix PR 6-10A Periodic inventory accounts, multiple-step income statement,...
2. Net Income $185,000 EXCEL TEMPLATE periodic Inventory system. Appendix 2 PR 5-10A Periodic inventory accounts, multiple-step income statement, closing entries On December 31, 2045, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Cash $13.500 Dividends $ 25,000 Accounts Receivable 72,000 Sales 3,280,000 Inventory, January 1, 2045 257,000 Purchases 2,650,000 Estimated Returns Inventory Purchases Returns and Allowances 93.000 January 1, 2015 35.000 Purchases Discounts 37,000 Office Supplies 3,000 Freight in 48,000 Prepaid Insurance...
Bookmarks Window Help Update Apple iOS Son accounts cornecimetionem hapter 4-6 0 Help Save & Eat Sub A company purchased $2,600 of merchandise on July 5 with terms 3/10, 1/30. On July 7, it returned $600 worth of merchandise On July 12, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is: Multiple Choice o Debit Merchandise...
Appendix 2 PR 5-10A Periodic inventory accounts, multiple-step income statement, closing entries On December 31, 2045, the balances of the accounts appearing in the ledger of Wyman Company are as follows: $ 13,500 72,000 257,000 35,000 3,000 4,500 150,000 270,000 Cash Accounts Receivable Inventory, January 1, 2045 Estimated Returns Inventory, January 1, 2015 Office Supplies Prepaid Insurance Land Store Equipment Accumulated Depreciation- Store Equipment Office Equipment Accumulated Depreciation- Office Equipment Accounts Payable Salaries Payable Customer Refunds Payable Unearned Rent Notes...
Appendix 2 PR 5-10B Periodic inventory accounts, multiple-step income statement, closing entries On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Cash $125,000 Accounts Receivable Dividends $ 275,000 Inventory, July 1, 2048 340,000 Sales 6,590,000 415,000 Purchases Estimated Returns Inventory, 4,100,000 Purchases Returns and Allowances July 1, 2048 32,000 25,000 Purchases Discounts 13,000 Office Supplies 45,000 9,000 Freight In Prepaid Insurance 18,000 Sales Salaries Expense 580,000 Land 300,000 Advertising Expense...
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...
Most questions answered within 3 hours.
-
Propose an efficient synthesis of 2-Bromo-5-nitrotoluene from
benzene. Hint: 3 steps. Consider directing effects of substituents....
asked 2 hours ago -
Name the following coordination compounds using systematic
nomenclature.
1. [Co(H2O)6]Cl2:
2. [Cr(NH3)6](NO3)3:
3. K4[Fe(CN)6]:
4. Na[Au(CN)4]:...
asked 12 minutes ago -
This assignment will explore the impact of corporate decisions
on a local versus a global perspective....
asked 1 hour ago -
Given the function below, F(w,x,y,z)= x’z+w’z’+w’y
a) draw a logic diagram for an implementation which uses...
asked 59 minutes ago -
The sandwich maker of the EE-Cole-Eye Sandwich Truck was just
fired (for a reason described below)...
asked 37 minutes ago -
Most political philosophers believe we have a duty to obey laws,
even if the laws in...
asked 1 hour ago -
Which of the following are common negotiation outcome
mistakes?
a. Leave money on the table b....
asked 2 hours ago -
Convert the following quantities:
a) 0.819 atm to torr b) 512 mmHg to bar c) 11.2...
asked 2 hours ago -
C ++ Implement cat command
The purpose of this assignment is to provide practice using the...
asked 2 hours ago -
we
convert sugars into another form of stored potential energy. This
is called?
asked 3 hours ago -
The manufacturers of Oriental Spice Sauce are concerned that the
sodium levels in their product vary...
asked 3 hours ago -
PLEASE DON'T ANSWER IF YOU CAN'T ANSWER ALL OF THE QUESTIONS. I
DESPERATELY NEED HELP
Consider...
asked 4 hours ago