ears in both the debit and the credit columns appears in the credit column only is correct as stated is the same as it

Q: Which of the following accounts does not appear in the general ledger of a company using the…

A: Under periodic inventory system , day to day in and out of inventory is not recorded . Closing…

Q: All descriptions reveal the characteristics of a periodic inventory system, EXCEPT: Merchandise…

A: The correct option is: Inventory record is always up-to-date

Q: A company using a periodic inventory system purchases goods for resale. Which of the following is…

A: There are two types of inventory systems  a) Perpetual inventory system in which movement of the…

Q: In the preparation of the worksheet of a merchandising business, the ending balance of the…

A: Merchandise inventory is the current assets, goods purchased or manufactured with the purpose of…

Q: Under a perpetual inventory system  accounting records continuously disclose the amount of…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: [The following information applies to the questions displayed below.] Home Hardware reported…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Which of the following journal entries is appropiate when a credit sales is made under a perpetual…

A: Under the perpetual inventory method, we need to record sales and also the cost of goods sold.

Q: Which of the following accounts would be included in the chart of accounts of a merchandising…

A: Periodic Inventory System: A periodic inventory system is a form of inventory valuation where the…

Q: When purchases of merchandise are made on account with a perpetual inventory system, the transaction…

A: Perpetual inventory system: It is a method of inventory management that records real time…

Q: Which of the following needs an adjustment to the accounts receivable account of ABC Company? a.…

A: Accounts receivable are created by an organisation when it records sales on credit. The accounts…

Q: The journal entry to be recorded by the seller upon receiving payment from a customer who had…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: The entry to record the return of merchandise from a customer would include a  debit to Sales…

A: Sale return means when goods sold to customer returned back because of any reson. When we sold goods…

Q: At the end of the accounting period, the correct entry in the general journal to adjust for…

A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…

Q: When a retailer sells merchandise to a customer on credit which one of the following accounts is…

A: Selling merchandise to the customer would include two journal entries, one is for selling goods, and…

Q: What account is debited when recording the adjusting entry to write down merchandise inventory under…

A: Lower-of-cost-or-market: The lower-of-cost-or-market (LCM) is a method which requires the reporting…

Q: Every entry should have narration please     Prepare journal entries to record the following…

A: Journal entries are a primary record of all business transactions.Journal entries contain one or…

Q: Mr. Ameen use periodic inventory system makes the following journal entry in his business: Debit…

A: Under the periodic inventory system, cost if goods sold are calculated at the end of the period.…

Q: Which statement about the Expenditure Cycle is correct? The blind copy of the purchase order goes…

A: Step 1 The expenditure cycle is the flow of activities related to the acquisition of and payment for…

Q: If an accounting manager asks you to delay recording an invoice for the purchase of merchandise…

A: Income statement is prepared by the business organizations so as to know how much amount of gross…

Q: Using a perpetual system, the entry to record the sale of merchandise on account includes a  a.…

A: Step 1: The sale of merchandise on account simply means that the goods have been sold on credit.…

Q: On the work sheet, ending merchandise inventory will appear on the a. debit side of the Income…

A: Worksheet is a 10 column sheet which is used to prepare financial statements for business. It shows…

Q: In recording the cost of goods sold based on data available from perpetual inventory records, the…

A: The inventory method is allocated into two categories i.e. perpetual inventory system and periodic…

Q: If a company uses a periodic inventory system, which of the following entry or entries are required…

A: When a physical inventory count is done, a periodic inventory system simply updates the general…

Q: Using a perpetual inventory system, the entry to record the sale of merchandise on account includes…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month…

A: As per First in First Out method(FIFO) inventory sold is from units purchased earlier, therefore…

Q: Which of the following accounts are used when recording the sales entry of a sale on credit?A.…

A: Sales of goods means when goods are being delivered to some outside party. Sales can be made on cash…

Q: Under the periodic inventory system, the journal entry to record the purchase of merchandise…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: Instructions In this assignment you will record eight transactions related to the sale and purchase…

A: Under the periodic inventory system. the inventory is counted usually at the end of the period and…

Q: What is the name of the account used to record sales of merchandise inventory? Multiple Choice Sales…

A: The journal entries are prepared to record the transactions on regular basis. The revenue,…

Q: Which of the following accounts would be included in the chart of accounts of a merchandising…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: The journal entry to record a return of merchandise purchased on account under a perpetual inventory…

A: (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses, Credit all incomes…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.