Homework Answers
In perpetual inventory system, Purchase discount are recorded
| Date | account and explanation | Debit | Credit |
| Account payable (Amount to be paid) | XXX | ||
| Cash (Amount paid after discount) | XXX | ||
| Merchandise inventory (Discount) | XXX |
So answer is a) Merchandise inventory account
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13. In the perpetual inventory system, purchases discounts are recorded by the buyer in the a)...
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...
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
Using a perpetual inventory system, Big Bang Inc. purchases of $30,000 of merchandise on account. How...
Using a perpetual inventory system, Big Bang Inc. purchases of
$30,000 of merchandise on account. How should they record this
purchase?
Using a perpetual inventory system, Big Bang Inc. purchases of $30,000 of merchandise on account. How should they record this purchase? Select one: O a. increase in Merchandise Inventory. O b. decrease in Sales. O c. increase in Sales. O d. decrease in Merchandise Inventory.
sales returns and allowances and sales discounts are EX5#13: Mack's Corporation, uses a perpetual inventory system,...
sales returns and allowances and sales discounts are
EX5#13: Mack's Corporation, uses a perpetual inventory system, it purchased on account $2,000 of merchandise on July 5. Credit terms are 2/10, n/30. It returned $400 of the merchandise on July 9. When Mack's pays its bill on August 5, the journal entry will require A. Debit to Accounts Payable for $2000. B. Credit to Accounts Payable for $1600. c. Credit to Cash for $1600. D. Credit to Cash for $1568. 20...
19. The account for merchandise inventory reflects all the following, EXCEPT a) includes any purchase discounts....
19. The account for merchandise inventory reflects all the following, EXCEPT a) includes any purchase discounts. b) includes any returns and allowances. c) includes any necessary freight costs. d) is a long-term asset. e) Merchandise inventory reflects all of the above. 11. A debit memorandum is: a) The document a buyer issues to inform the seller of a debit made to the seller's account in the buyer's records. b) The source document for the purchase of merchandise inventory c) Required...
Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions...
Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System 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., $45,300, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $26,780. 2. Summit Company paid freight of $1,130 for delivery of merchandise sold to Beartooth Co. on August 1. 5. Summit Company sold merchandise on account to Beartooth Co., $68,140,...
MC Qu. 9-73 Sepulveda Inc. uses the perpetual... Sepulveda Inc. uses the perpetual inventory system when...
MC Qu. 9-73 Sepulveda Inc. uses the perpetual... Sepulveda Inc. uses the perpetual inventory system when recording its cash payments and cash receipts goods sold and it is received within the discount period, identify the account used to record the discount the company receives a check from a customer for 25 Multiple Choice sales discounts o ) merchandise inventory o o purchases discounts
Exercise 4-16A Recording sales, purchases, and discounts: buyer and seller- periodic LO P5 Santa Fe Retailing...
Exercise 4-16A Recording sales, purchases, and discounts: buyer and seller- periodic LO P5 Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and an invoice price of $27,700. The merchandise had cost Mesa $18,891. Assume that both buyer and seller use a periodic inventory system and the gross method. 1. Prepare entries that the buyer should record for (a) the purchase, (b) cash payment within the discount period, and (c)...
record purchase discounts of inventory using a perpetual system. Shankar company uses a perpetual system to...
record purchase discounts of inventory using a perpetual system. Shankar company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000, with terms 3/10, n/30. On February 10, the company pays on account for the inventory. Record the inventory purchase on February 2 and the payment on February 10
20) The amount recorded for merchandise inventory includes all of the following except A) Purchase discounts. B) Re...
20) The amount recorded for merchandise inventory includes all of the following except A) Purchase discounts. B) Returns and allowances. C) Freight costs paid by the buyer. D) Freight costs paid by the seller. E) Trade discounts. 20)
20) The amount recorded for merchandise inventory includes all of the following except A) Purchase discounts. B) Returns and allowances. C) Freight costs paid by the buyer. D) Freight costs paid by the seller. E) Trade discounts. 20)
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...
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
Using a perpetual inventory system, Big Bang Inc. purchases of
$30,000 of merchandise on account. How should they record this
purchase?
Using a perpetual inventory system, Big Bang Inc. purchases of $30,000 of merchandise on account. How should they record this purchase? Select one: O a. increase in Merchandise Inventory. O b. decrease in Sales. O c. increase in Sales. O d. decrease in Merchandise Inventory.
sales returns and allowances and sales discounts are
EX5#13: Mack's Corporation, uses a perpetual inventory system, it purchased on account $2,000 of merchandise on July 5. Credit terms are 2/10, n/30. It returned $400 of the merchandise on July 9. When Mack's pays its bill on August 5, the journal entry will require A. Debit to Accounts Payable for $2000. B. Credit to Accounts Payable for $1600. c. Credit to Cash for $1600. D. Credit to Cash for $1568. 20...
19. The account for merchandise inventory reflects all the following, EXCEPT a) includes any purchase discounts. b) includes any returns and allowances. c) includes any necessary freight costs. d) is a long-term asset. e) Merchandise inventory reflects all of the above. 11. A debit memorandum is: a) The document a buyer issues to inform the seller of a debit made to the seller's account in the buyer's records. b) The source document for the purchase of merchandise inventory c) Required...
MC Qu. 9-73 Sepulveda Inc. uses the perpetual... Sepulveda Inc. uses the perpetual inventory system when recording its cash payments and cash receipts goods sold and it is received within the discount period, identify the account used to record the discount the company receives a check from a customer for 25 Multiple Choice sales discounts o ) merchandise inventory o o purchases discounts
20) The amount recorded for merchandise inventory includes all of the following except A) Purchase discounts. B) Returns and allowances. C) Freight costs paid by the buyer. D) Freight costs paid by the seller. E) Trade discounts. 20)
20) The amount recorded for merchandise inventory includes all of the following except A) Purchase discounts. B) Returns and allowances. C) Freight costs paid by the buyer. D) Freight costs paid by the seller. E) Trade discounts. 20)
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