trail balance not includeO revenue.O cost of goods sold.O Ending inventory.O fright-in account.Dividend occur in theO single step income ststement.multiple step statement.O retained earning.Balance sheet. on 3, May ,2021, AI Noor company sold merchandise worth $20,000 received halfof the amount and the residual on account , the company record this transactionas bellowdebit cash for $ 20000 and credit sales for $20000.debit cash for $10000,and A/R for $10000,and credit sales for $20000.debit A/R for 20000 and credit sales for $20000.Debit cash for $10000 and A/P for $10000 , and credit sales for $20000paid rent for $700 has been posted twice to rent expense , to rectify thistransaction using short methoddebit rent expenses for $700,and credit cash for $750.debit cash for $700, and credit rent expense for $700.debit rent expense for $1400,and credit cash for $1400.Debit cash for $1400, and credit rent expense for $1400.

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Description: trail balance not includeO revenue.O cost of goods sold.O Ending inventory.O fright-in account.Dividend occur in theO single step income ststement.multiple step statement.O retained earning.Balance sheet. on 3, May ,2021, AI Noor company sold mercha

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Business

Accounting

trail balance not include O revenue. cost of goods sold. O Ending inventory. fright-in account.

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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No entry is made to recognize cost of goods sold when inventory is sold under periodic inventory system. True False
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The tracking of inventory shrinkage due to theft, damage, or errors is completed with the help of a (n) inventory. OA. physical count B. authorization C. sale OD. delivery BI of
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Which of the following statement is FALSE for Merchandise inventory of the Business? a. It is a current asset with a normal debit balance b. It is the cost of goods in hand and available for sale at any given time c. It is a current asset with a normal credit balance d. It is also called as Inventory
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The following are several figures reported for Poyer and Sutter as of December 31, 2024: Sutter $ 280,000 760,000 Items Inventory Sales Investment income Cost of goods sold Operating expenses Poyer $ 480,000 960,000 480,000 220,000 380,000 290,000 Poyer acquired 90 percent of Sutter in January 2023. In allocating the newly acquired subsidiary's fair value at the acquisition date, Poyer noted that Sutter had developed a unpatented technology worth $74,000 that was unrecorded on its accounting records and had a five-year remaining life. Any-temaining excess fair value over Sutter's book value was attributed to an indefinite-lived trademark. During 2024, Sutter sells inventory costing $128,000 to Poyer for $176,000. Of this amount, 15 percent remains unsold in Poyer's warehouse at year-end. Required: Determine balances for the following items that would appear on Poyer's consolidated financial statements for 2024: Note: Input all amounts as positive values.
True or false 1. Purchased goods in transit should be included in the ending inventory if the goods were shipped FOB shipping point 2. Purchased goods in transit, shipped FOB destination, should be excluded from ending inventory