If both the home office and the branch of a business enterprise use the perpetual inventory system, a Shipment to Branch ledger account appears in the accounting records of: a. Both the home office and the branch b. Neither the home office nor the branch c. The branch only d. The home office only

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: A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from?…

A: Answer a: Sales order is created by using a document formed by SAP.

Q: Most of the accounting cycles have journal entries that accompany activities of each cycle.Which of…

A: Recording transaction in journal is termed as journalizing the entries. Transaction are first…

Q: Most of the accounting cycles have journal entries that accompany the activities of each cycle.…

A: A process of identifying a transaction, analyzing it and then recording the same in the books is…

Q: 9. The account prepared in the same way as that when goods are invoice at cost, except that all…

A: Branch accounting involves managing and reporting the financial activities of separate operating…

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: The elimination entry under the perpetual inventory system for intercompany sales  is a debit to…

A: SOLUTION- THE ELIMINATION ENTRY REMOVES IC SALES FROM THE CONS. UNIT (VENDOR) AND IC PURCHASE FROM…

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: Which of the following are characteristics of a perpetual inventory system? (a). Management knows…

A: There were two types of inventory systems to record and maintain inventory.   1. Periodic…

Q: A business using the perpetual inventory system, with its detailed subsidiary records, does not need…

A: The company can maintain its records of inventory on basis of two different systems: 1. Perpetual…

Q: An account used in the perpetual inventory system that is not used in the periodi inventory system…

A: The main distinction between inventory systems is the goods inventory account.Periodic inventory…

Q: Which of the following journal entries would you record to recognize the sale of inventory on…

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

Q: In the revenue cycle (for sales on credit), a customer places an order for a certain product. Which…

A: Every time an order is received by an organisation, there is whole set of process that needs to be…

Q: What inventory systems do you know are used in a buying and selling business?

A: The inventory systems popularly used are the  1) Perpetual inventory system  2) Periodic inventory…

Q: Which of the following statements is true about the periodic inventory system? Question 2Select one:…

A: Inventory valuation is referred to as that method which helps in assigning a monetary value to the…

Q: The Cloud Company employs a perpetual inventory system and the McKenzie Corporation uses a…

A: Definition:   Perpetual and periodic inventory system: In merchandise business, there are two types…

Q: Under the perpetual inventory system, in addition to making the entry to record a sale, a company…

A: Under perpetual inventory system, the decrease in inventory is also recorded every time of sale.

Q: Business rules i

A: Business process indicates a particular pattern to follow the activities and manage the transactions…

Q: • Explain why there isn't there a "Cost of merchandise sold" expense for a service business.…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Which of the following expenditure cycle tasksshould not be separated?a. Purchasing inventory items…

A: Human intervention is required for certain tasks.

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: a debit to Accounts Payable and a credit to Merchand

A: A perpetual inventory system is an inventory management approach that uses an inventory management…

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.…