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

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A: Answer: Following is the Cash Receipts Journal:

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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…

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Q: 6-An item of merchandise was sold for RO 1600 cash by a business using the perpetual inventory…

A: Please see the next step for the solution

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Q: What is another name for the bill that the seller sends to the buyer when the buyer purchases…

A: Solution: Purchase order is prepared and sent by buyer to seller while placing an order. Receiving…

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A:

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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…

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A: Answer -  Journal Entry in Perpetual Inventory System - Under the perpetual inventory method, each…

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

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A: Purchase Journal is an accounting Journal which is specialized to record the purchase transactions…

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

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Q: An item of merchandise was sold for RO 1600 cash by a business using the perpetual inventory system.…

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

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