The company just took a physical count of inventory and found $75 worth of inventory wasunaccounted for. It was either stolen or damaged. Which journal would the company use to record thecorrection of the error in inventory?A. sales journalB. purchases journalC. cash receipts journalD. cash disbursements journalE. general 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: 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: When auditing the revenue and collection cycle, auditors normally select balances to confirm from…

A: Revenue and collection cycle: The revenue cycle records all the transactions that originate from…

Q: Cullumber Corporation shipped $21,600 of merchandise on consignment to Oriole Company. Cullumber…

A: Method of recording financial transactions in the book of original entries by debiting and crediting…

Q: moWhen recording a purchase of inventory on credit, which accounts are typically affected?   A)…

A: Under double entry system of book keeping one account is debited and other is credited.The Assets…

Q: Which of the following are characteristics of a perpetual inventory system? (a). Management knows…

A: There were two types of inventory systems to record and maintain inventory.   1. Periodic…

Q: An account used in the perpetual inventory system that is not used in the periodi inventory system…

A: The main distinction between inventory systems is the goods inventory account.Periodic inventory…

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: 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: Use the following cash receipts journal to record the transactions. (If a box is not used in the…

A: Entry 1 Jul 5 Cash Dr.      $2700                 To sales               $2700 (Being cash sales…

Q: If a business uses special journals (single purpose sales and purchases journals), which of the…

A: Journal entries recording is the first step in accounting cycle process. Special journals are used…

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: Which of the following transaction is not recorded in the general journal? Select one: A. All of…

A: Correct option is A i.e.  All of the above

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: When recording a purchase of inventory on credit, which accounts are typically affected? A) Debit…

A: When assets or expenses increases it should be debited and when decreases it should be…

Q: 1)Which of the following is not an audit procedure for inventories? a)Review cut-off of inventory…

A: The objective of the first question is to identify the option that is not an audit procedure for…

Q: 126) Using a perpetual inventory system, the sale of inventory on account is recorded with a: B)…

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

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: The Accounts Receivable subsidiary ledger is updated (increased and decreased) by using which of the…

A: Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service…

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…