Give the journal entry for the following service/merchandising business transactions without the amount.

Q: In preparing closing entries for a merchandising company, the Income Summary account will be…

A: Closing entries are prepared at the end of accounting period to close temporary accounts such as…

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: What is the revenue account for a merchandising business called? Group of answer choices gross…

A: Solution: Merchandise business is a type of trading business that involves purchase and sales of…

Q: Accounting Information System   Prepare a payment flowchart for a bookstore business, who's…

A: ANSWER:- An Accounting Information System (AIS) is a system of collecting, storing, and processing…

Q: Which type of company would report merchandise inventory as a line item on their balance sheet?…

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Q: In the Purchasing Process - Level 0 Diagram, a data flow called "inventory's purchase requisition"…

A: The purchasing process, also known as the procurement process, refers to the series of activities…

Q: Kingbird Group provides many of the laminated products that teachers une in their classrooms…

A: Lets understand the basics.When more than one product gets produced from the one process then all…

Q: The following accounts are included in the ledger of David Company: Advertising expense Freight-in…

A: Cost of goods sold = Beginning inventory + Net purchases + Direct expenses - Ending inventory

Q: Two categories of expenses for merchandising companies are

A: Option d

Q: Provide one example of a transaction that affect  service business and  merchandise business.

A: Business refers to all those organization or company who engaged in any type of industrial,…

Q: How does reporting information for a merchandising company differ from financial reporting for a…

A: Merchandising Company:   A merchandising company is a type of company that engages in the purchase…

Q: Why should a business engaged in merchandising always try to negotiate with its vendors, the…

A: Inventory is the detailed list of items that are present on hand. It constitute of all the finished…

Q: comparing the accounts of a merchandising company with those of a service company, what additional…

A: Merchandise company sales goods to customers while service company provide services to customer and…

Q: What inventory accounts are used by a manufacturer? In what financial statement will appear?

A: An inventory account or merchandise inventory account is an account to record the inventory…

Q: Ervin Equipment, a manufacturer of exercise and workout equipment for sale to institutions, uses job…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: What are expenses like sales salaries expense, advertising expense, etc. called that are incurred…

A: Under the functional expense classification expenses are aggregated and reported by activities for…

Q: Using the following accounts, classify each of them as part of cost of sales (COS), selling expense…

A: Cost of sales means total cost of goods that are being sold to the customers. It includes total…

Q: inventory that it previously purchased. The entry to record that transaction should be: Group of…

A: The journal entries are prepared to record daily transactions of the business.