Under the perpetual inventory system, the journal entry to record the freight paid by the seller on goods sold is: A.Accounts ReceivableXX Freight Out XX Sales Revenue XX B.Delivery ExpensesXX Cash XX C.Merchandise InventoryXX Cash XX D.Cost of Goods SoldXX Cash XX

Under perpetual inventory system, inventory account is used instead of purchases account. For every…

Answered: Under the perpetual 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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Similar questions

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?
Q-1: What is Perpetual and Periodic Inventory System? Explain the differences between both. Record all the transactional entries for the sales and purchases of inventory.
The account used to adjust the perpetual inventory records when a difference exists between the physical count and the amount in the perpetual inventory records is called a. Inventory Short and Over. b. Estimated Returns Inventory. c. Inventory Shrinkage. d. Merchandise Inventory
Q29
when taking inventory all merchandise held on consignment is _______
The journal entry to record the payment of freight cost under the perpetual inventory system is as follows: Debit Merchandise Inventory and Credit Accounts Payable. True or False
The amount recorded for net cost of purchases includes all of the following EXCEPT: Purchase discounts. Freight costs paid by the seller. Returns and allowances. Freight costs paid by the buyer.
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.

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Delivery Expenses	XX
Cash		XX

Merchandise Inventory	XX
Cash		XX

Under the perpetual inventory​ system, the journal entry to record the freight paid by the seller on goods sold​ is: A. Accounts Receivable XX Freight Out XX Sales Revenue XX B. Delivery Expenses XX Cash XX C. Merchandise Inventory XX Cash XX D. Cost of Goods Sold XX Cash XX

Under the perpetual inventory system, the journal entry to record the freight paid by the seller on goods sold is: A. Accounts Receivable XX Freight Out XX Sales Revenue XX B. Delivery Expenses XX Cash XX C. Merchandise Inventory XX Cash XX D. Cost of Goods Sold XX Cash XX