1. Credit Terms a. The cost of the merchandise inventory that the business has sold to customers. 2. FOB Destination b. An amount granted to the purchaser as an incentive to keep goods that are not "as ordered." c. A type of merchandiser that buys merchandise either from a manufacturer ora wholesaler and then sells those goods to 3. Invoice 4. Cost of Goods Sold 5. Purchase Allowance 6. FOB Shipping Point 7. Wholesaler consumers. d. A situation in which the buyer takes ownership (title) at the delivery destination point. e. A type of merchandiser that buys goods from manufacturers 8. Purchase Discount and then sells them to retailers. f. A discount that businesses offer to purchasers as an incentive for early payment. 9. Retailer g. A situation in which the buyer takes title to the goods after the goods leave the seller's place of business. h. The terms of purchase or sale as stated on the invoice. i. A seller's request for cash from the purchaser.

1. Credit Terms a. The cost of the merchandise inventory that the business has sold to customers. 2. FOB Destination b. An amount granted to the purchaser as an incentive to keep goods that are not "as ordered." c. A type of merchandiser that buys merchandise either from a manufacturer ora wholesaler and then sells those goods to 3. Invoice 4. Cost of Goods Sold 5. Purchase Allowance 6. FOB Shipping Point 7. Wholesaler consumers. d. A situation in which the buyer takes ownership (title) at the delivery destination point. e. A type of merchandiser that buys goods from manufacturers 8. Purchase Discount and then sells them to retailers. f. A discount that businesses offer to purchasers as an incentive for early payment. 9. Retailer g. A situation in which the buyer takes title to the goods after the goods leave the seller's place of business. h. The terms of purchase or sale as stated on the invoice. i. A seller's request for cash from the purchaser.

Name: Assume the perpetual inventory; system is used unless stated otherwise
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Assume the perpetual inventory; system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise.Using accounting vocabularyMatch the accounting terms with the corresponding definitions. 1. Credit Termsa.

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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Under the perpetual inventory system, what is the journal entry?
1. The journal entry to write inventory up to the net realizable value would be _______. a) a debit to COGS b) a credit to Losses c) a credit to Inventory d) a debit to Inventory
The Inventory account is used in each of the following except the entry to record payment of freight on goods sold. goods purchased on account. the return of goods purchased. payment within the discount period.
Indicate the effect of the transactions listed in the following table on total current assets, current ration, and net income. Use (+) to indicate an increase, (-) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0. Merchandise is sold on credit.
If each purchase and sale of merchandise is recorded in the inventory and the cost of merchandise sold accounts, the method of accounting for merchandise inventory is the: A perpetual method. B) periodic method. C) gross profit method. D) administrative method.
In the periodic inventory system, all purchases of merchandise during the period is recorded on what account?
Inventory purchased on credit in the periodic system, select one?
Several accounts are listed below a. Purchases Returns and Allowances b. Sales Discounts c. Wages Expense d. Allowance for Doubtful Accounts e. Unearned Rent f. Income Taxes Payable g. Dividends Distributed h. Interest Revenue i. Inventory REQUIRED: List the accounts above that would normally have a credit balance
Indicate the best answer(s) for each question: Which of the following statements about perpetual merchandising activities is true? (Identify the two correct answers.) a As inventory is purchased, the Purchase account is Debited and |Cash (or Accounts Payable) is credited. b Inventory is recorded as an asset when it is first purchased. c As inventory is sold, its cost is transferred from the balance sheet to the income statement. d As inventory is sold, its cost is transferred from the income statement to the balance sheet
The journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit Accounts Payable. Purchase Returns and Allowances. Sales Revenue. Inventory.
What are the two journal entries involved when recording the sale of inventory when using the perpetual inventory system?
how do I find the amount of inventory under the dollar value using the LIFO method?