Samson Company provided you with the following information: • Items counted in the warehouse.. • Items included in the count specifically segregated per sale contract with a customer. • Items in the receiving department, returned by a customer, in good condition... • Items ordered and in the receiving department. • Items ordered, invoice received but goods not received, freight is on account of seller.. • Items shipped today, invoice mailed to customer, FOB shipping point... • Items shipped today, invoice mailed, FOB destination.. • Items currently being used for window display.. • Items on the counters for sale.... • Damaged items returned, refused by receiving department 180,000 • Items included in the count, damaged and unsalable.. • Items in the shipping department ready for delivery.. What is the correct amount of inventory? .P 4,000,000 100,000 50,000 400,000 300,000 250,000 150,000 200,000 800,000 50,000 250,000 A P5 70o 000 R P6 000 000 C P5 800 000 P5 150 000

Samson Company provided you with the following information: • Items counted in the warehouse.. • Items included in the count specifically segregated per sale contract with a customer. • Items in the receiving department, returned by a customer, in good condition... • Items ordered and in the receiving department. • Items ordered, invoice received but goods not received, freight is on account of seller.. • Items shipped today, invoice mailed to customer, FOB shipping point... • Items shipped today, invoice mailed, FOB destination.. • Items currently being used for window display.. • Items on the counters for sale.... • Damaged items returned, refused by receiving department 180,000 • Items included in the count, damaged and unsalable.. • Items in the shipping department ready for delivery.. What is the correct amount of inventory? .P 4,000,000 100,000 50,000 400,000 300,000 250,000 150,000 200,000 800,000 50,000 250,000 A P5 70o 000 R P6 000 000 C P5 800 000 P5 150 000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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
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___________The account used under periodic system to record returns of purchased goods to the supplier.
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The merchandise Inventory account balance in the Trial Balance columns of a worksheet for a merchandising entity that uses periodic inventory system appears in both the debit and the credit columns appears in the credit column only is correct as stated is the same as it was at the beginning of the period
At the time of the event, which of the following does not result in a journal entry and an update of information in the general ledger? A. Shipping and billing the customer B. Receiving cash from the customer C. Approving payment for the vendor D. Processing of a sales order E. Making a payment to the vendor
The Inventory module window has journal icons for Select one: O a. inventory sales and inventory purchases b. item assembly and inventory adjustments O c. inventory sales and inventory adjustments O d. all of the above Show Transcribed Text You should use the adjustments journal to record - Select one: O a. adjustments to inventory purchase prices from the supplier as an allowance for damages O b. adjustments to inventory sale prices to customers as an allowance for damages c. adjustments to inventory in stock for damaged goods O d. all of the above
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