The company just took a physical count of inventory and found $75 worth of inventory was unaccounted for. It was either stolen or damaged. Which journal would the company use to record the correction of the error in inventory? Group of answer choices 1.sales journal 2.purchases journal 3.general journal 4.cash disbursements journal

Q: 45. Which of the following statements islare false about the steps in a purchase transaction? * 1.…

A: Normally a purchase transaction has the following steps:  The first step is to knowing the required…

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

A: Answer: Following is the Cash Receipts Journal:

Q: WalMart and other retailers have computerized cash registers to ring up sales. How does this feature…

A: Hello, since your question has multiple parts we will solve the first question for you. If you want…

Q: The physical count of inventory of a retailer was lower than shown by the perpetual records. Which…

A: Perpetual inventory system shows that the inventory would be counted by the company on a regular…

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: Consider the following transactions for BigGuy Toys: View the transactions. Requirements 1.…

A: On January 6, BigGuy Toys purchased $112,300 worth of ConnectABlock toys on account. This means that…

Q: To correct a sales invoice that was accidentally posted containing the wrong inventory - Select one:…

A: A sales invoice is a commercial document issued by a seller to a buyer as an official record of a…

Q: [The following information applies to the questions displayed below.]Hair World Incorporated is a…

A: Income statement: It implies to a financial statement prepared by the business at the closing of…

Q: i (Click the icon to view the transactions.) Requirements 1. 2. Journalize the purchase…

A: The journal entries under the perpetual inventory system record the purchase of inventory by debit…

Q: 1. One of the assessments made in credit sales is unwillingness to pay, please explain what is meant…

A: Note : As per the guidelines, only first question will be answered. Kindly post the remaining parts…

Q: Sheridan Company buys merchandise on account from Skysong Company. The selling price of the goods is…

A: Given, Sheridan is the buyer  Skysong is the seller   For Sheridan, Inventory is increased and…

Q: 1 (Click the icon to view the transactions.) Purchases Journal Page Other Accounts DR More Info…

A: Purchase journal refers to a special form of accounting journal used in the accounting systems of a…

Q: The Vespa store would record the following journal entries (debits and credits) to recognize the…

A: The term journal refers to recording of the accounting transactions by using double entry system of…

Q: Walmart uses a perpetual inventory system. Which of the following is a reason why Walmart needs to…

A: Periodic inventory system is that inventory system under which all transactions related to inventory…

Q: Suppose that an organization purchased $800 in supplies to be placed in inventory with cash of $500…

A: Solution..     Purchase a supplies on partially with cash and partially on credit results in the…

Q: Which of the following statements is true about the periodic inventory system? Question 2Select one:…

A: Inventory valuation is referred to as that method which helps in assigning a monetary value to the…

Q: Record the following transactions in the general journal.  The company uses perpetual inventory.…

A: Discount on Payment = Net payable x discount rate = ($1500 - $200)*2% = $26

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: How do we record and report inventory shrinkage? Which accounts are affected?

A: Inventory shrinkage refers to the loss of inventory that occurs due to theft, damage, spoilage, or…

Q: Please help with problem

A: To compute the inventory amount to be displayed on the balance sheet, apply the lower of cost or…

Q: 1, how can assets and liabilities be classified for a more informative balance sheet?

A: Introduction :- A classified balance sheet is a financial statement with classifications like…

Q: Hair World Incorporated is a wholesaler of hair supplies. Hair World uses a perpetual inventory…

A: Journal entries in accounting are a documentation of the financial dealings that a company has…

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: • Explain why there isn't there a "Cost of merchandise sold" expense for a service business.…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Hider Company had a customer return merchandise purchased with cash with a sales price of $7,500.…

A: The journal entries are prepared to record the transactions on regular basis. Under estimated…

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: The company just took a physical count of inventory and found $75 worth of inventory wasunaccounted…

A: In accounting, some special journals are being used for the purpose of recording transactions. These…

Q: Required information Exercise 6-9 (Algo) Record transactions using a perpetual system (LO6-5) [The…

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

Q: Which inventory system would allow a business to determine inventory shrinkage (breakage, theft,…

A: Inventory Systems: Inventory systems are classified as periodic or perpetual based on how invetory…

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: Which of the following statements is correct concerning the operati merchandiser who chooses to use…

A: A periodic inventory system is that system in which inventory is counted on a physical basis at the…

Q: In a perpetual inventory system, the actual amount of inventory on hand may differ from what the…

A: Inventory refers to the raw materials or stock that are available for purchase or manufacture. Three…

Q: Hughes Hair Design is a wholesaler of hair supplies. Hughes Hair Design uses a perpetual inventory…

A: Net sales =    Total sales  - sales returns and the…

Q: Consider the following transactions for Tacoma Drug Store: View the transactions. Requirements 1.…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Coronado Inc. is a retailer operating in British Columbia. Coronado uses the perpetual inventory…

A: The inventory is recorded under the perpetual system or periodic system. The inventory valuation may…

Q: [The following information applies to the questions displayed below.] Warnerwoods Company uses a…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…