Which of the following is not an example of safeguarding inventory? a. physical devices such as two-way mirrors, cameras, and alarms b. returning inventory that is defective or broken OC. matching receiving documents, purchase orders, and vendor's invoice Od. storing inventory in restricted areas Which document establishes an initial record of the receipt of inventory? Oa. purchase order Ob. petty cash voucher Oc. receiving report Od. vendor's invoice

Q: How do you enter an adjusting entry for Inventory?

A: Inventory adjustment Fluctuation in the inventory is a serious issue for a business entity. The…

Q: An audit trail allows you to trace a source document to its final effect on the financial statements…

A: Audit trails are manual or electronic records that are chronologically defined events to provide…

Q: If merchandise purchased on account is returned, the buyer may inform the seller of the details by…

A: Given, Goods are purchased by-merchandise is returned.

Q: Difference between sales receipts and invoices

A:

Q: Which of the following are characteristics of a perpetual inventory system? (a). Management knows…

A: There were two types of inventory systems to record and maintain inventory.   1. Periodic…

Q: What is the accounting treatment for supplies inventories if the purchases method is used to record…

A: Supplies generally form a part of current assets of the entity and represent the amount of supplies…

Q: In the Purchasing Process - Level 0 Diagram, a data flow called "inventory's purchase requisition"…

A: The purchasing process, also known as the procurement process, refers to the series of activities…

Q: Which of the following journal entries would you record to recognize the sale of inventory on…

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

Q: Which journal entry is correct when there is a sale under a perpetual inventory and FOB shipping…

A: Solution- Accounts payable -------------------DR                 To Merchandise inventory. (To…

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: Make a comparison between periodic and perpetual inventory systems and explain under which…

A: Answer: As per Q/A guidelines first question has been answered. Please repost remaining question.…

Q: What is the main distinction between perpetual and periodic inventory systems? Which type of system…

A: Explain the main distinction between perpetual inventory system and periodic inventory system and to…

Q: 4. Which of the following accounts are used when recording a purchase?

A: 1. If Cash purchase: If the purchase is made out of cash, both cash and inventory accounts are used…

Q: How is merchandise inventory classified on the balance sheet and what is its normal balance of…

A: Merchandise inventory is a current Asset as it is expected to be sold within 12 months from the…

Q: The two main inventory accounting systems are the a. perpetual and periodic. b. purchase and sale.…

A: Purchase and sale are the transaction made by the company. It is not an inventory system. Returns…

Q: How is Inventory audited?

A: Introduction Inventory audit is an analytical procedure that cross checks the financial records with…

Q: How would you find the invoice amount of merchandise that was returned in

A: When the merchandise is returned, The invoice amount of return will be credited to the customer's…

Q: When recording a purchase of inventory on credit, which accounts are typically affected? A) Debit…

A: When assets or expenses increases it should be debited and when decreases it should be…

Q: an entry for a purchase return will include a. a debit to inventory b. a debit to sales returns and…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: a) merchandise inventory,  b) accounts payable, c)   cost of goods sold,  d) customer refunds…

A:

Q: A REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE ASSERTION[S] E=existence…

A: Auditing:- An audit is the referred as the physical examination of books of accounts. This can be…

Q: When recording a purchase of inventory on credit, which of the following correctly identifies the…

A: The objective of this question is to identify the correct debit and credit entries when recording a…

Q: a debit to Accounts Payable and a credit to Merchand

A: A perpetual inventory system is an inventory management approach that uses an inventory management…

Q: Using a perpetual system, the entry to record the sale of merchandise on account includes a  a.…

A: Step 1: The sale of merchandise on account simply means that the goods have been sold on credit.…

Q: When recording purchase returns and purchase allowances under the periodic inventory system, what…

A: Periodic Inventory System:Periodic inventory system is a system in which the inventory is updated…

Q: Explain how the sale of inventory on account is recorded under a periodic system. How does this…

A:

Q: Is purchases is the account to be debited upon purchase of merchandise under the perpetual inventory…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: How do you determine the invoice of merchandise returned?

A: Merchandise return refers to the inventory that is returned by the customer to the seller for their…

Q: What account is debited when recording a purchase of inventory when using a periodic inventory…

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

Q: What accounts are used to recognize a retailer’s purchase from a manufacturer on credit?A. accounts…

A: Purchase of goods on credit means inventory has been purchased but payment has not been made yet.…

Q: Explain the inventory accounting system.

A: Inventory accounting is the body of accounting that used to valuing and accounting for changes in…

Q: The trade discount on purchases is recorded A. O When it is received B.When the inventory is…

A: The trade discount is the discount allowed at the time of products are sold. The trade discount…