When using the periodic inventory system, there is no need to record an adjusting entry for...
When using the periodic inventory system, there is no need to record an adjusting entry for inventory shrinkage. TURE OR FALSE?
Homework Answers
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True Under periodic inventory system, up-to-date records of inventory is maintained periodically. Inventory shrinkage in periodic inventory system need not be adjusted as it the value of ending inventory is recorded at the end of accounting period |
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When using the periodic inventory system, there is no need to
record an adjusting entry for...
Assume that the periodic inventory system is used and the adjusting entry for inventory is made...
Assume that the periodic inventory system is used and the adjusting entry for inventory is made once per year as part of the Year End Procedures. If beginning inventory is LESS than ending inventory for the specified period, the portion of the journal entry related to Inventory will be a (Answer IS NOT "C") Debit Not enough information provided Credit
The proper journal entry to record the receipt of inventory purchased on account in a periodic...
The proper journal entry to record the receipt of inventory purchased on account in a periodic inventory system would be Jan. 1Purchases1,600 Accounts Receivable1,600 Jan. 1Inventory1,600 Accounts Payable1,600 Jan. 1Purchases1,600 Accounts Payable1,600 Jan. 1Office Supplies1,600 Accounts Payable1,600
Your company uses the Periodic Inventory system. What is the journal entry to record returning merchandise...
Your company uses the Periodic Inventory system. What is the journal entry to record returning merchandise inventory to your vendor that was bought on- account? dr. Choose... Cr. Choose... dr. Merchandise Inventory dr. Purchases Returns & Allowances Your comp What is the account? cr. Accounts Payable cr. Merchandise Inventory cr. Purchases Returns & Allowances ndise inventory to your vendor that was bought on- dr. dr. Accounts Payable Your company uses the Perpetual Inventory system. What is the journal entry to...
15) Classic Car Parts, Inc. uses a periodic inventory system. From the following details, calculate net...
15) Classic Car Parts, Inc. uses a periodic inventory system. From the following details, calculate net purchases. Beginning merchandise inventory Ending merchandise inventory Purchases Purchase Discounts Purchase Returns and Allowances Freight In $2,000 2,300 21,000 1,000 1,300 4,400 A) $18,700 B) $20,000 C) $20,700 D) $23,300 UE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 16) When preparing financial statements under the periodic inventory system, a calculation of cost of goods sold must be...
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account...
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for $60,000. Record transactions for the purchase and sale of inventory. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the purchase of inventory on account. Note: Enter debits before credits....
Using the periodic method, what is the journal entry to record the purchase of 2000 of merchandise inventory on account?
Using the periodic method, what is the journal entry to record the purchase of 2000 of merchandise inventory on account?A. Dr. Purchases 2,000 Cr. Cash 2,000B. Dr. Cash 2,000 Cr. Purchases 2,000C. Dr. Purchases 2,000 Cr. AccountsD. Dr. Merchandise Inventory 2,000 Cr. Accounts Receivable 2,000E. None of the above
Fan Company sells inventory on account. The entry or entries to record this sale using a...
Fan Company sells inventory on account. The entry or entries to record this sale using a perpetual inventory system would include a: Multiple Choice Debit to Accounts Receivable Credit to Sales Revenue Debit to Cost of Goods Sold. All of the these are included to record the sale. Katie Malls has the following inventory transactions for the year: Date Jan. 1 Apr. 8 Transaction Beginning inventory Purchase Numbers of Units 20 50 Unit Cost $35 40 Total cost $ 700...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record...
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 dr. Cash (4) cr. (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 purchas dr. Accounts Receivable dr....
Assume that the period inventory system is used and the adjusting entry for inventory is made...
Assume that the period inventory system is used and the adjusting entry for inventory is made once per year as party of the Year End Procedures. Which respect to the General Ledger account “Purchases” what should the journal entry include? (Answer IS NOT "D") Credit to Purchases for the entire balance Debit to Purchases for the amount that Inventory has increased Purchases will not be affected as part of the adjusting entry for Inventory/COGS Credit to Purchases for the amount...
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...
Your company uses the Periodic Inventory system. What is the journal entry to record returning merchandise inventory to your vendor that was bought on- account? dr. Choose... Cr. Choose... dr. Merchandise Inventory dr. Purchases Returns & Allowances Your comp What is the account? cr. Accounts Payable cr. Merchandise Inventory cr. Purchases Returns & Allowances ndise inventory to your vendor that was bought on- dr. dr. Accounts Payable Your company uses the Perpetual Inventory system. What is the journal entry to...
15) Classic Car Parts, Inc. uses a periodic inventory system. From the following details, calculate net purchases. Beginning merchandise inventory Ending merchandise inventory Purchases Purchase Discounts Purchase Returns and Allowances Freight In $2,000 2,300 21,000 1,000 1,300 4,400 A) $18,700 B) $20,000 C) $20,700 D) $23,300 UE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 16) When preparing financial statements under the periodic inventory system, a calculation of cost of goods sold must be...
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for $60,000. Record transactions for the purchase and sale of inventory. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the purchase of inventory on account. Note: Enter debits before credits....
Fan Company sells inventory on account. The entry or entries to record this sale using a perpetual inventory system would include a: Multiple Choice Debit to Accounts Receivable Credit to Sales Revenue Debit to Cost of Goods Sold. All of the these are included to record the sale. Katie Malls has the following inventory transactions for the year: Date Jan. 1 Apr. 8 Transaction Beginning inventory Purchase Numbers of Units 20 50 Unit Cost $35 40 Total cost $ 700...
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 dr. Cash (4) cr. (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 purchas dr. Accounts Receivable dr....
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