shipments to branch
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Q: perpetual inventory
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- Statement 1: The “shipments to branch” account is added to the home office’s purchases account in determining home office’s cost of goods sold. Statement 2: The “shipments from branch” account is added to the branch’s purchases account in determining branch’s cost of goods sold.*
A. S1-True; S2-True
B. S1-True S2-False
C. S1-False 52-True
D. S1-False: 52-False
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- Multiple choiceFrom the general journal, record to the accounts receivable subsidiary ledger and post to the general ledger accounts as appropriate. Record to the accounts receivable subsidiary ledger. Use transaction dates as posting references. Accounts Receivable Subsidiary Ledger Henry Co. Lincoln Co. Now post to the partial general ledger. Use transaction dates as posting references. Partial General Ledger Accounts Receivable 112 Merchandise Inventory 142 Sales 411 Cost of Goods Sold 505That is all the information available in the Quetion
- 1. both freight in and freight out accounts are closed by crediting these accounts 2. the purchase account is closed to merchandise account *2 pointsboth statements are true1st statement is falseboth statements are false1st statement is true5. Shipments of inventory to the branch may be billed at other than cost. When billing prices are above cost, the unrealized mark-up is initially recorded by the home office a, in an "allowance" account. b. as a credit to investment in branch account. c. as an addition to the cost of "shipments to branch." d. a and cMatch each of the five items listed below with one of the following locations: 1. Located on the Income Statement debit column of the worksheet 2. Located on the Income Statement credit column of the worksheet 3. Located on the Balance Sheet debit column of the worksheet 4. Located on the Balance Sheet credit column of the worksheet a. Sales Returns and Allowances b. Accrued Salaries Payable c. Sales d. Merchandise Inventory e. Accounts Receivable a. Sales Returns and Allowance 1. Located on the Income Statement debit column of the worksheet 2. Located on the Income Statement credit column of the worksheet 3. Located on the Balance Sheet debit column of the worksheet 4. Located on the Balance Sheet credit column of the…
- Multiple choiceThe "dual nature of merchandise transactions" as described in this chapter means every business transaction affects both a/an __________ and a/an ____________. Group of answer choices income statement; balance sheet debit entry and a credit entry buyer; seller asset; expense24 - Which of the following transactions does the above journal item belong to? a) Goods Sales Return Record B) Registration of Returns from Purchase of Goods NS) Goods Sales Discount Posting D) Goods Purchase Expenses Record TO) Goods Sales Record
- A £500 cash sale was entered as a debit in the sales account and a credit in the bank account. What type of error is this? Select one: A. Compensating B. Ommission C. Reversal of entries O D. Original entry E. Commission O F. PrincipleUse the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print DoneCredits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal such as the one in Exhibit. Why not put both types of credits in the same column and save journal space?
