Describe the events that correspond to the following two journal entries:1. Inventory ..Accounts payable2. Accounts receivable ...20,00020,000....30,00030,000Sales revenue.Cost of goods soldInventory ..18,00018,000

An Accounting event is a transaction that is recorded in the books of accounts of the company. There…

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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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Question Content Area Based on the following data for the current year, what is the inventory turnover (rounded to one decimal place)? Sales on account during year $598,636 Cost of merchandise sold during year 212,753 Accounts receivable, beginning of year 44,419 Accounts receivable, end of year 53,126 Merchandise inventory, beginning of year 32,158 Merchandise inventory, end of year 39,584
Assume the perpetual inventory system is used. Sales $642,363 Merchandise Inventory 582,620 Sales Discounts 58,010 Interest Expense 3,777 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 225,598 Rent Expense 15,090 Depreciation Expense-Office Equipment 3,400 Insurance Expense 2,450 Advertising Expense 12,870 Accounts Receivable 101,440 Office Supplies Expense 1,600 Rent Revenue 23,680 Sales Salaries Expense 30,410 Accounts Payable 138,404 Common Stock 59,419 Marketing Expense 33,000 A. Use the data provided to compute net sales for 2019.
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If the balance in the inventory account is greater than the physical count, which of the following journal entries is recorded? a.Debit Merchandise Inventory and credit Inventory Short and Over b.Debit Merchandise Inventory and credit Cost of Goods Sold c.Debit Cost of Goods Sold and credit Merchandise Inventory d.Debit Inventory Short and Over and credit Merchandise Inventory
Journalize the following transactions. Assume the Perpetual inventory system: December 9: Purchased merchandise from Ree Co. on account, $3,300, F.O.B. shipping point (buyer pays freight); terms 2/10, n/30. Freight to be paid on December 20. December 20: Paid freight on December 9 purchase, $110.
Global Company sold merchandise for $11,700 on account. The cost of the items sold was $7,900. If the company uses the perpetual inventory system, which of the following best reflects the journal entry that should be prepared to record this transaction? Debit Credit A. Sales revenue 11,700 Accounts receivable 11,700 Cost of goods sold 7,900 Merchandise inventory 7,900 B. Accounts receivable 11,700 Merchandise inventory 7,900 Sales revenue 3,800 C. Accounts receivable 3,800 Sales revenue 3,800 D. Accounts receivable 11,700 Sales revenue 11,700 Cost of goods sold 7,900 Merchandise inventory 7,900 Group of answer choices A. B. C. D.
How do you calculate the total amount to be assigned to the ending inventory and cost of goods sold December 31 under each of the following methods?
Compute the amount of goods available for sale, ending inventory and cost of good sold at January 31 under each of the following inventory cost methods A. Weighted cost average B. First in first out C. Last in first out D. Specific identification, assuming that the January 10 sale was from the beginning inventory, and the January 17 sale was from the January 12 purchase Thank you in advance !
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a. Chapters 1-7 G Traducir antaFe iriclars Sotems TB MC Qu. 6-137 Using a perpetual inventory system, how... Using a perpetual Iventory system, how should a company record the sale of Inventory costing $550 for $1,170 on account? 1. InventorY 550 Cost oE GOods Sold 550 Sales Revenue 1,170 Accounts Receivable 1,170 2. Accounts Receivable 1,170 Sales Revenue 1,170 Cost of Goods Sold 550 Inventory 550 550 3. Inventory 620 Gain 1,170 Sales Revenue 1,170 Accounts Receivable 550 Sales Revenues 620 Gain Multiple Choice Ne

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Describe the events that correspond to the following two journal entries: 1. Inventory .. Accounts payable 2. Accounts receivable ... 20,000 20,000 .... 30,000 30,000 Sales revenue. Cost of goods sold Inventory .. 18,000 18,000