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
Homework Answers
| Option C is the answer | ||
| Merchandise inventory account is not used when the company follows the periodic inventory system. All the purchase or returns are passed through purchases and purchase returns accounts |
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Assume a company uses the periodic inventory system. Which of
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2. Assuming that the James Company uses a
periodic inventory system, prepare journal entries for the above
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record cost of goods sold. James considers purchase discounts lost
as part of interest expense. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
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2. Assuming that the James Company uses a periodic inventory system, prepare journal entries for the...
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periodic inventory system, prepare journal entries for the above
transactions including the adjusting entry at the end of October to
record cost of goods sold. James considers purchase discounts lost
as part of interest expense. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
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2. Assuming that the James Company uses a
periodic inventory system, prepare journal entries for the above
transactions including the adjusting entry at the end of October to
record cost of goods sold. James considers purchase discounts lost
as part of interest expense. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
1. The company purchased merchandise on account for $47,500 on
October 12. Terms of the purchase were 1/10, n/30....
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...
2. Assuming that the James Company uses a
periodic inventory system, prepare journal entries for the above
transactions including the adjusting entry at the end of October to
record cost of goods sold. James considers purchase discounts lost
as part of interest expense. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
Required information [The following information applies to the questions displayed below.) James Company began the month of October with...
7. The following details are provided by Western Wear Merchandisers. The company uses the periodic inventory system. (20 Points) AED Net Sales Revenue 198,000 Purchases 94,000 Purchase Returns and Allowances 2,000 Purchase Discounts 1,500 Freight In 1,700 Beginning Merchandise Inventory 63,000 Ending Merchandise Inventory 37,000 Calculate the amount of net purchases. AED
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,...
ABC compeny uses the periodic inventory system. ABC has the
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PROBLEM #4-9 points inventory system. ABC has the following account al balance (partial). A count of the inventory at the end oesin uses the periodic ABC company their u 152.000. Please record the adjusting entry related to endi nost of goods sold at the end of the year ended 12/31/17. e year record the adjusting entry related to inventory and 35 ooo...
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....
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