Indicate the best answer(s) for each question 1Which of the following statements about perpetual merchandising activities is true? (Identifythe two correct answers.)As inventory is purchased, the Purchase account is Debited and |Cash (orAccounts Payable) is credited.k Inventory is recorded as an asset when it is first purchased.As inventory is sold, its cost is transferred from the balance sheet to the incomeastatement.dAs inventory is sold, its cost is transferred from the income statement to thebalance sheetEasy Software uses a periodic inventory system. Its inventory was $36,000 at the beginning ofthe year and $48,000 at the end. During the year, Easy Software made purchases of merchandisetotaling $99,000. (Identify the two correct answers).2To use this system, Easy must take a complete physical inventory count twiceeach year.Prior to making adjusting and closing entries at year-end, the balance in Easy'sInventory account is $48,000.The cost of goods sold for the year is $87,000.d As sales transactions occur during the year, Best makes no entries to updateits inventory records or to record the cost of goods sold.3Which one of the following accounts would never appear in the after-closing trial balance?(One correct answer).aUnearmed RevenueDividendsAccumulated DepreciationdPrepaid Insurance Which of the following accounts is ngt.closed to the Income Summary Account at the end ofthe accounting period? (Identify all of the correct answers).4aUnearned RevenueDividendsAccumulated DepreciationdPrepaid InsuranceOn June 1, 2018, Coast Financial loaned Barr çorporation $300,000, receiving in exchange aone-year, 12 percent per year note receivable. Coast ends its fiscal year on December 31 andmakes adjusting entries to accrue interest earned on all notes receivable. The interest earned on5.the note receivable from Barr Corporation during 2018 will amount to:$36,000$28,000ak.$18,000$21,000d1Pudget Sound Co. sold marketable securities costing $80,000 for $92,000 cash. In thecompany's journal entry, the entry wil1 include (Identify the two correct answers):6A credit to marketable securities of $92,000ab.A credit to marketable securities of $80,000A debit to cash of $92,000dA credit to unrealized gain of $12,000

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1 Which of the following statements about perpetual merchandising activities is true? (Identify the two correct answers.) As inventory is purchased, the Purchase account is Debited and |Cash (or Accounts Payable) is credited. k Inventory is recorded as an asset when it is first purchased. As inventory is sold, its cost is transferred from the balance sheet to the income a statement. d As inventory is sold, its cost is transferred from the income statement to the balance sheet

1 Which of the following statements about perpetual merchandising activities is true? (Identify the two correct answers.) As inventory is purchased, the Purchase account is Debited and |Cash (or Accounts Payable) is credited. k Inventory is recorded as an asset when it is first purchased. As inventory is sold, its cost is transferred from the balance sheet to the income a statement. d As inventory is sold, its cost is transferred from the income statement to the balance sheet

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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