Answered: hat Oriole uses the perio

Business

Accounting

hat Oriole uses the perio

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 13MC: Which of the following accounts are used when recording the sales entry of a sale on credit? A....

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Assuming that Oriole uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method

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Similar questions

Under the perpetual inventory system, how does the seller record sales made on account?
Which of the following accounts are used when recording the sales entry of a sale on credit? A. merchandise inventory, cash B. accounts receivable, merchandise inventory C. accounts receivable, sales D. sales, cost of goods sold
For each of the following accounts, identify whether the normal balance is a debit or a credit. Also specify whether the account is a contra account. a. Sales Returns and Allowances b. Merchandise Inventory c. Sales d. d Freight In e. Purchases Returns and Allowances f. Sales Tax Payable g. Purchases
Which of the following accounts are used when recording a purchase? A. cash, merchandise inventory B. accounts payable, merchandise inventory C. A or B D. cash, accounts payable
Why is it necessary to adjust the Merchandise Inventory account under a periodic inventory system?
Under the periodic inventory system, the ending inventory is entered by debiting Merchandise Inventory and crediting Income Summary.
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.
In a perpetual inventory system, purchases of merchandise on account are recorded by debiting: a Cost of Goods Sold. b Accounts Payable. c Purchases. d Inventory.
Using a perpetual system, the entry to record the sale of merchandise on account includes a a. Debit to sales b. Credit to merchandise inventory c. Credit to accounts receivable d. Debit to merchandise inventory.
When merchandise purchased on account is returned under the perpetual inventory system, the buyer would debit Merchandise Inventory Purchases Returns and Allowances Accounts Payable Accounts Receivable
When recording purchase returns and purchase allowances under the periodic inventory system, what account is used?
If a company uses a periodic inventory system, which of the following entry or entries are required to record the sale of merchandise on account? a.debit Cost of Goods Sold; credit Inventory b.debit Cost of Goods Sold; credit Purchases c.debit Cash, credit Sales Revenue d.debit Accounts Receivable, credit Sales Revenue