Using a perpetual inventory system, Big Bang Inc. purchases of
$30,000 of merchandise on account. How should they record this
purchase?
Homework Answers
Using a perpetual inventory system, Big Bang Inc. purchases of $30,000 of merchandise on account.
Under perpetual inventory system, when merchandise is purchased, merchandise inventory is debited due to increase in merchandise inventory and either cash or accounts payable is credited for purchase price.
Correct option is a.
Under periodic inventory system, purchase is debited when merchandise inventory is bought.
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Using a perpetual inventory system, Big Bang Inc. purchases of
$30,000 of merchandise on account. How...
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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...
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The journal entry for the purchase of inventory on account using the perpetual inventory system is...
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Using a perpetual inventory system, the entries to record receiving returned merchandise from a customer (assume...
Using a perpetual inventory system, the entries to record receiving returned merchandise from a customer (assume the customer had not yet paid for the purchase) includes a OA) credit to Sales O B) credit to Inventory C) debit to Cost of Goods Sold O D) credit to Accounts Receivable
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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
FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number of Units Date Transaction Per Unit Total Apr. 3 Inventory $1,200 $30,000 8 Purchase 1,240 93,000 11 Sale 2,000 80,000 60,000 30 Sale May 8 Purchase 2,000 1,260 2,000 2,000 1,260 75,600 100,000 10 Sale 19 Sale 40.000 28 Purchase 100,800 June 5 Sale 2,250 90,000 16 Sale 2.250 56,250 21 Purchase...
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The journal entry for the purchase of inventory on account using the perpetual inventory system is Debit Credit Date Accounts and Explanation OA Merchandise Iinventory OB. |Accounts Payable O C. Merchandise Inventory OD. Merchandise Inventory ocx Cash XoxcX Merchandise Inventory 1ml Accounts Payable Accounts Receivable Click to select your answer 445
Using a perpetual inventory system, the entries to record receiving returned merchandise from a customer (assume the customer had not yet paid for the purchase) includes a OA) credit to Sales O B) credit to Inventory C) debit to Cost of Goods Sold O D) credit to Accounts Receivable
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms of 3/16, 1/40. Defective inventory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted if the company paid the invoice 30 days later, the journal entry to record the payment would be O A 5430.000 debit to Accounts Payable and 5430,000 credit to Cash O . 5500.000 debit to Accounts Payable and $500,000 credit to Cash OC. 3500,000 debit to...
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