What accounts are used to recognize a retailer's purchase from a manufacturer on credit? Assume the perpetual inventory system is used. A.Accounts Payable, Merchandise Inventory B.Sales, Accounts Receivable C.Accounts Receivable, Merchandise Inventory D.Accounts Payable, Cash

Q: Under a perpetual inventory system  accounting records continuously disclose the amount of…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: When a product is sold on credit, which account should be debited for the seller? A.cash…

A: Sale of a product means to sell the goods in stock to the customer. It can be sold either on cash or…

Q: Which of the following journal entries is appropiate when a credit sales is made under a perpetual…

A: Under the perpetual inventory method, we need to record sales and also the cost of goods sold.

Q: 2. The entry to record the return of $25 of inventory to a supplier under the perpetual inventory…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Sayers Co. sold merchandise on account to a customer for $90,000 terms 1/10, n/30. The cost of the…

A: Journal: Recording of a business transactions in a chronological order.

Q: The entry to record the return of merchandise from a customer would include a  debit to Sales…

A: Sale return means when goods sold to customer returned back because of any reson. When we sold goods…

Q: nts) Which of the following accounts should be credited each time a sale on account is made if the…

A: Perpetual inventory system: It is a method of inventory management that records real time…

Q: Which of the following accounts is not closed to Income Summary? * O Cost of Goods Sold O…

A: The closing entries are prepared at year end to close the temporary accounts of the business.

Q: In a perpetual system, what would be the journal entry for a sales return. (a) Dr. Sales return and…

A: Journal entry is a process of recording the business transactions in the books of accounts for the…

Q: When using the perpetual system for inventory, the journal entry to record a purchase of inventory…

A: The objective of the question is to identify the correct journal entry to record a purchase of…

Q: Match the terms with the definitions.

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarising and…

Q: Where do you find inventory, sales, and cost of sales accounts on the financial statements?

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: comparing the accounts of a merchandising company with those of a service company, what additional…

A: Merchandise company sales goods to customers while service company provide services to customer and…

Q: The journal entry for the purchase of inventory on account using the perpetual inventory system is

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: Which of the following journal entry is correct for the transactions of goods returned by a…

A: When we make a sales to customer, we pass the following entry:- Trade receivables  Dr           To…

Q: If a customer purchases merchandise on credit and returns the defective merchandise beforepayment,…

A: When customer made purchases on credit from the business, then one side it will generate accounts…

Q: Using a perpetual inventory system, the return to their supplier of merchandise purchased on account…

A: When merchandise purchased on credit Inventory accout is debited and accounts payable is credited.…

Q: Terminology Match each phrase with its definition. A. Sales discount B. Credit period C. Discount…

A: Basic accounting terminology is essential for understanding and communicating financial information…

Q: Why is the purchase journal used for journalizing the purchase of merchandise for resale on account…

A: Purchase journal is a separate book kept in the company to maintain and track the information of…

Q: The journal entry to record a return of merchandise purchased on account under a perpetual inventory…

A: (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses, Credit all incomes…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.