What journal entry is required to record goods taken from inventory by the owner of a business for personal use? A Dr Drawings Cr Purchases Dr Sales Cr Drawings Dr Drawings Cr Inventory D Dr Inventory Cr Drawings

Q: QuickBooks: For a purchase and the subsequent payment for the purchase, indicate which business…

A: QuickBooks: The QuickBooks is accounting software, which helps the small businesses to manage their…

Q: The credit terms of a sale are normally indicated on a(n): a.check. b.invoice. c.bill of lading.…

A: Credit terms are terms that indicate when payment is due for sales and discount offered.

Q: How to journalize entries from accounting for purchase with frieght transaction?

A: On any purchase if freight charges paid it is called freight in charges and it is part of cost of…

Q: Distinguish between sales book and sales account.

A: Sales book: Sales book is one of the subsidiary book of accounting in which all the transactions…

Q: The Ledger related to expenses is entered in which one of the ledger? Sales Ledger Purchase return…

A: Expenses are not recorded in a specific ledger.

Q: 1 (Click the icon to view the transactions.) Purchases Journal Page Other Accounts DR More Info…

A: Purchase journal refers to a special form of accounting journal used in the accounting systems of a…

Q: What is another name for the bill that the seller sends to the buyer when the buyer purchases…

A: Solution: Purchase order is prepared and sent by buyer to seller while placing an order. Receiving…

Q: E7-19 Recording transactions-purchases journal Apr. 2 Purchased merchandise inventory on credit…

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

Q: Under a periodic inventory system, closing entries will include Oa. debits to Sales, Purchases…

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

Q: When closing income statement accounts having debit balances, which of the following accounts will…

A: In Income Statement expenses has debit balance and Revenue has credit balance. The detailed…

Q: Goods in transit that are shipped FOB destination should be included O in the inventory of the…

A: The seller sells goods to the buyer which is then shipped to the customer. The shipping company is…

Q: hich of the following accounts is closed by debiting the account

A: Nominal Accounts are closed at the end of the period by transferring the balances to profit and loss

Q: The Kingdom Company uses a sales journal and a cash receipts jourmal to record transactions with its…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: Required Information (The following information applies to the questions displayed below.] A company…

A: Solution   1-Calculation of recorded inventory at lower of Cost or NRV-   Inventory  Qty Lower of…

Q: Which of the following items is considered an original source document? Select one: a. accounts…

A: Source document In general source document which are used for the business transaction of the entity…

Q: Which one of the following departments does not have a copy of the purchase order?a. the purchasing…

A: Answer:   Option d.