Mr. Ameen use periodic inventory system makes the following journal entry in his business: Debit Accounts receivable Credit Sales. Which of the following transaction is Correct for the journal entry? a. Sold Merchandise inventory to Customer b. Paid Cash to Suppliers c. Returned Merchandise inventory to Supplier d. Purchased Merchandise inventory from Supplier

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: Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Periodic inventory system: Under this system, the inventories are updated periodically. At the end…

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

A: Merchadise inventory is debited and Accounts payable is credited where  inventory is purchased on…

Q: Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Answer: Following is the Cash Receipts Journal:

Q: Name the special journal which is used to record the credit sales transactions of a merchandising…

A: Correct answer is ( d )Sale daybook Explanation A sales book is also known as sales day book is a…

Q: An item of merchandise was sold for RO 800 cash by a Merchandise business. The cost of goods sold…

A: Cost of goods sold is referred to as an amount that includes the costs about the product sold. This…

Q: Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Purchase Journal in accounting and book keeping is a log book to record transactions related to the…

Q: Olga is the accountant at Schowalter incorporated responsible for inventory Schowalter incorporated…

A: Inventory is a current asset of the company. It consists of goods available for sale, goods in…

Q: The journal entry to record the payment of merchandise on account with a discount under the Periodic…

A: Periodic inventory method: It is a inventory valuation method. In this method inventory account is…

Q: ow, record journal entries for the following transactions, which uses the perpetual inventory…

A: Perpetual Inventory System:   A perpetual inventory system is a method of inventory management that…

Q: Ms. Ameena makes the following journal entry in her business: Debit Accounts receivable Credit Sales…

A: Accounts receivable Dr. To Sales is the entry passed at time of selling the goods.

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: Which journal entry is correct when there is a sale under a perpetual inventory and FOB shipping…

A: Solution- Accounts payable -------------------DR                 To Merchandise inventory. (To…

Q: Mr. Mohammed makes the following journal entry in his business: Debit Merchandise Inventory Credit…

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

Q: At the beginning of the current season on April 1, the ledger of Pina Colada Corp. Shop showed Cash…

A: The journal entries are prepared to record the transactions on regular basis. The cost of goods sold…

Q: curres omp res Prepare the jourmal entries terecord the folowing tr entry is ered select NoEntryfor…

A: Recording of day to day transaction in the books in chronological manner is known as journal entry.

Q: Fiona sporty uses to purchases journal a cash payment journal ,a sale journal and a general journal…

A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…

Q: When a proprietor takes goods for own use, we will record it as:…

A: Every transaction of business is recorded as journal entry in the books.

Q: One-column sales journal may be used to record collection on account sales of goods for cash sales…

A: Sales Journal records all the entries related to the sales made to customers both for cash and on…

Q: When merchandise that was sold is returned, a credit to sales returns and allowances is made by the…

A: As per perpetual inventory system, inventory records are updated after every transaction.  When…

Q: 64. In the purchase of merchandise on account transaction, the entry in the Purchases Journal will…

A: Solution 64:   In purchase of merchandise on account transaction, the entry in the purchase journal…

Q: When using the perpetual system for inventory, the journal entry to record a purchase of inventory…

A: The objective of the question is to identify the correct journal entry to record a purchase of…

Q: Another "Birdy Birdhouse" problem but with different numbers and set up. Using the accounts listed…

A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

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: Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Journal entry record the transaction by using double entry system and affects both debit and credit…

Q: Match the following transactions to the special journal you would use to record them:

A: 1. Sold inventory for cash is recorded in the Sales journal . 2. Paid cash to purchase inventory is…

Q: The journal entry to record a Purchase of Merchandise Inventory from Supplier for cash under…

A: As per the periodic inventory method, all the inventory related transactions are recorded through…

Q: Required information [The following information applies to the questions displayed below] Laker…

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

Q: Recording transactions in a cash receipts journal Use the following cash receipts journal to record…

A: Cash receipts journal records all the cash receipts transactions of a business. Cash is an asset and…

Q: Assuming a periodic inventory system is used, the entry to record a purchase of merchandise on…

A: Assuming a periodic inventory system is used, the entry to record a purchase of merchandise on…

Q: Prepare journal entries to record each of the following transactions. The company records purchases…

A: Payment made = Purchases - discount amount Where,  Discount amount (if payment made witin discount…

Q: The normal balance of the following accounts is a debit Multiple Choice Sales returns and…

A: Understanding the normal balance of accounts is crucial in accounting as it helps in proper…

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: From the general​ journal, record to the accounts receivable subsidiary ledger and post to the…

A: Step 1 Journal and ledger posting is the part of book keeping and in the given case we post the…

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: A receiving report is filled out when we receive: An inventory shipment from a vendor. Items that a…

A: Receiving Report is an internal document usually prepared by the Stores manager/Inventory…

Q: b) Complete the following table to show how FOB terms apply to merchandise inventory purchased by a…

A: Inventory is the stock that an entity owns for selling in the market. It represents the goods that…