Under the periodic inventory system, the journal entry to record the cost of merchandise sold at the point of sale will include which of the following?Oa. Cost of Merchandise SoldOb. PurchasesOc. InventoryOd. None of these choices are correct.

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

Answered: Under the periodic inventory system,…

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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If the balance in the inventory account is greater than the physical count, which of the following journal entries is recorded? a.Debit Merchandise Inventory and credit Inventory Short and Over b.Debit Merchandise Inventory and credit Cost of Goods Sold c.Debit Cost of Goods Sold and credit Merchandise Inventory d.Debit Inventory Short and Over and credit Merchandise Inventory
Which of the following is a difference between the periodic inventory system and the perpetual inventory system? a. The Merchandise Inventory account is used under the perpetual inventory system but not under the periodic inventory system. Ob. The Purchases account is used under the periodic inventory system but not under the perpetual inventory system. c. The Merchandise Inventory account is used under the periodic inventory system but not under the perpetual inventory system. Od. The Purchases account is used under the perpetual inventory system but not under the periodic inventory system.
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
What are the two journal entries involved when recording the sale of inventory when using the perpetual inventory system?
Petco Inc. uses the periodic inventory system. Assess the effect on net income of including goods in transit f.o.b shipping point in purchases, but not in ending inventory. a. Overstate net income. b. No effect on net income. O c. Not sufficient information is provided to assess the effect on net income. O d. Understate net income.

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Under the periodic inventory system, the journal entry to record the cost of merchandise sold at the point of sale will include which of the following? Oa. Cost of Merchandise Sold Ob. Purchases Oc. Inventory Od. None of these choices are correct.