Under a periodic inventory system, closing entries will includeOa. debits to Sales, Purchases Returns and Allowances, and Purchases DiscountsOb. adjustments to Merchandise Inventory to match physical inventoryOc. credits to Purchases and Sales DiscountsOd. All of these choices are correct.

Periodic inventory system: The method or system of recording the transactions related to inventory…

Answered: Under a periodic inventory system,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Subject :- Account
What is the name of the account used to record sales of merchandise inventory? Multiple Choice Sales Returns and Allowances Sales Fees Income Accounts Receivable
When the buyer pays the freight costs, the entry to record the payment under a perpetual inventory system would include a debit to _______. Question content area bottom Part 1 A. Freight In B. Inventory C. Purchases Discounts D. Delivery Expense
In the periodic inventory system, all purchases of merchandise during the period is recorded on what account?
What is the inventory system called that continuously discloses the amount of inventory? Group of answer choices physical perpetual retail periodic
Which inventory system would have a purchases account? Group of answer choices Perpetual FIFO LIFO Periodic
What is the inventory system called that discloses the amount of inventory on hand ONLY at the end of the accounting period when a physical count is taken? Group of answer choices retail physical periodic perpetual
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
Discuss how discounts are recorded in a perpetual inventory system, and compare how discounts are recorded in a periodic inventory system.
What are the two journal entries involved when recording the sale of inventory when using the perpetual inventory system?
Which of the following statements is true for a company that uses a periodic inventory system? a.The purchase of inventory requires a debit to Inventory. b.The return of defective inventory requires a debit to Purchase Returns and Allowances. c.The payment of a purchase within the discount period requires a credit to Purchase Discounts. d.Any amounts paid for freight are debited to Inventory.

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Under a periodic inventory system, closing entries will include Oa. debits to Sales, Purchases Returns and Allowances, and Purchases Discounts Ob. adjustments to Merchandise Inventory to match physical inventory Oc. credits to Purchases and Sales Discounts Od. All of these choices are correct.