Activity 1. Classify MeInstruction: Identify each element or account title if it can be found on a service ormerchandising business. Complete the table by putting a (v) check mark or (X) crossmark in the corresponding columns.ACCOUNTSSERVICEMERCHANDISINGBUSINESSBUSINESSEx. Professional FeesSalesConsulting RevenuePurchasesCost of SalesInventory BeginningReferral RevenueFreight-InPurchase Returns andAllowancesAdvertising RevenuePurchase DiscountFreight-outUnearned RevenueUtilities ExpenseDepreciation ExpenseAllowance for Bad debtsSales discountSuppliesSales Returns and allowancesAdvances to suppliersAdvertising Expense

Service business means the business of earning revenue by providing services. Merchandising business…

Answered: Activity 1. Classify Me Instruction:…

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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A retailer acquires new computers for use in the business operations. When recording this transaction, and assuming a perpertual inventory system is used, the journal entry will include a account. O credit to Equipment O debit to Merchandise Inventory credit to Merchandise Inventory O debit to Equipment
When merchandise is sold, the cost of merchandise sold (COMS) is a type of ___________ to the business owner. Group of answer choices asset liability expense revenue
___________The account used under periodic system to record returns of purchased goods to the supplier.
Match each of the five items listed below with one of the following locations: 1. Located on the Income Statement debit column of the worksheet 2. Located on the Income Statement credit column of the worksheet 3. Located on the Balance Sheet debit column of the worksheet 4. Located on the Balance Sheet credit column of the worksheet a. Sales Returns and Allowances b. Accrued Salaries Payable c. Sales d. Merchandise Inventory e. Accounts Receivable a. Sales Returns and Allowance 1. Located on the Income Statement debit column of the worksheet 2. Located on the Income Statement credit column of the worksheet 3. Located on the Balance Sheet debit column of the worksheet 4. Located on the Balance Sheet credit column of the…
Assuming that Merchandise business use simple step income statement. Which of the following will be correct result of Net Income by the business? a. Total expenses will be divided by Total revenue b. Total revenue will be multiplied by cost of goods sold c. Total Expenses will be deducted from Total Revenue d. Total Revenue will be deducted from Total expenses
What is the name of the account used to record sales of merchandise inventory? Multiple Choice Sales Returns and Allowances Sales Fees Income Accounts Receivable
The "dual nature of merchandise transactions" as described in this chapter means every business transaction affects both a/an __________ and a/an ____________. Group of answer choices income statement; balance sheet debit entry and a credit entry buyer; seller asset; expense
Accounting Information System Provide an analysis/explanation of the flow of the payment flowchart of a bookstore who's ordered books from suppliers. Step 1: Payment Step 2: Number of items and type Step 3: Match order form with receiving report Step 4: Prepare voucher for payment Step 5: Owner approves payment
I
The Inventory module window has journal icons for Select one: O a. inventory sales and inventory purchases b. item assembly and inventory adjustments O c. inventory sales and inventory adjustments O d. all of the above Show Transcribed Text You should use the adjustments journal to record - Select one: O a. adjustments to inventory purchase prices from the supplier as an allowance for damages O b. adjustments to inventory sale prices to customers as an allowance for damages c. adjustments to inventory in stock for damaged goods O d. all of the above
The revenue account for a merchandising business is typically called ___________. Group of answer choices inventory sales. unearned revenue. fees earned. sales or sales of merchandise.
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