II. TRUE OR FALSE Direction s: Read each sentence carefully and determine whether the statement is TRUE or FALSE Write your answers on the space provided before each number. 1. Inventory is the most important asset of a merchandising finm. 2. The sales journal can be used to record sales with immediate cash payments. 3. Under the sale term /10, net 30, the discount is valid until the 10th day from the date of purchase. 4. Inventories are assets acquired which are held for sale in the ordinary course of the business. 5. Postings to the ledger shall be made on a chronological order. 6. Information in subsidiary ledgers may come from special journals or the general journal. 7. Paying freight on merchandise sold increases the business' total assets. 8. The purchase of merchandise will increase cost of goods sold under the periodic inventory system, regardless of whether the purchase wvas made on cash basis or on account

II. TRUE OR FALSE Direction s: Read each sentence carefully and determine whether the statement is TRUE or FALSE Write your answers on the space provided before each number. 1. Inventory is the most important asset of a merchandising finm. 2. The sales journal can be used to record sales with immediate cash payments. 3. Under the sale term /10, net 30, the discount is valid until the 10th day from the date of purchase. 4. Inventories are assets acquired which are held for sale in the ordinary course of the business. 5. Postings to the ledger shall be made on a chronological order. 6. Information in subsidiary ledgers may come from special journals or the general journal. 7. Paying freight on merchandise sold increases the business' total assets. 8. The purchase of merchandise will increase cost of goods sold under the periodic inventory system, regardless of whether the purchase wvas made on cash basis or on account

Name: II. TRUE OR FALSEDirections: Read each sentence carefully and determi
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: II. TRUE OR FALSEDirections: Read each sentence carefully and determine whether the statement is TRUE or FALSE Writeyour answers on the space provided before each number.1. liventory is the most importaní asset of a merchandising firm.2. The sales j

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

plz help solve
I just need to know how to find the cost of imventory sold
A retailer acquires new computers for use in the business operations. When recording this transaction, and assuming a perpertual inventory system is used, the journal entry will include a account. O credit to Equipment O debit to Merchandise Inventory credit to Merchandise Inventory O debit to Equipment
Subject : Accounting You just took a new job as a controller of a large company that purchases and sells surf boards (has inventory). The owner has asked you to advise her on how she should select the correct inventory valuation method for the inventory (LIFO, FIFO and Weighted Average). What would be your response?
Select the best answer for the question. Utilize Set 2 from the following PDF to answer this question: http://lessons.pennfoster edu/pdf/061006_Exam_Tables.pdf 4. Which one of the following statements is true for the ending inventory balance? *. O A. It will appear as a debit in the Adjusted, Trial Balance column. B. It will appear as a credit in the Balance Sheet column OC. It will appear as a credit in the Income Statement column. OD. It will appear as a debit in the Trial Balance column. O Mark for review (Will be highlighted on the review page) >
REQUIRED: • Income Statement using function of expense method (multi-step approach) • Answer the 10 items below. Note: • should have heading and title • currency sign and double spacing • identify respective amounts of the given data
I
Indicate the best answer(s) for each question: Which of the following statements about perpetual merchandising activities is true? (Identify the two correct answers.) a As inventory is purchased, the Purchase account is Debited and |Cash (or Accounts Payable) is credited. b Inventory is recorded as an asset when it is first purchased. c As inventory is sold, its cost is transferred from the balance sheet to the income statement. d As inventory is sold, its cost is transferred from the income statement to the balance sheet
JUST GIVE ME THE LETTER OF THE CORRECT ANSWER. NO NEED SOLUTION PLEASE ASAP
A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. Whataccounts recognize this return before the retailer remits payment to the manufacturer?A. accounts payable, merchandise inventoryB. accounts payable, cashC. cash, merchandise inventoryD. merchandise inventory, cost of goods sold
Use the following information to calculate Goods Available for Sale (GAFS) and Cost of Goods Sold (COGS). You will not need all of the information: Purchases $100 Purchase discounts $2 Beginning Inventory $10 Purchase returns $3 Sales Discounts $8 Accounts Receivable $25 Purchase Freight (on purchases, buyer responsible) $15 Delivery Expense (on sales to customers, seller responsible) $10 Sales $200 Accounts Payable $35 GAFS is $ Now..Assume ending inventory is $50. Use all the information provided to determine Cost of goods sold (COGS) COGS is $
Answe these questions in relation to accounting packages systems