Which one of the following transactions isrecorded with the same entry in a perpetualand a periodic inventory system? *O Cash received on account with a discountPayment of freight costs on a purchaseReturn of merchandise soldSale of merchandise on credit

With the perpetual system all the sales are directly credited to inventory and all the purchases are…

Answered: Which one of the following transactions…

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
Assuming that Bramble uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method.
If each purchase and sale of merchandise is recorded in the inventory and the cost of merchandise sold accounts, the method of accounting for merchandise inventory is the: A perpetual method. B) periodic method. C) gross profit method. D) administrative method.
Using a perpetual inventory system, the return to their supplier of merchandise purchased on account includes a(n) _____. a.increase in Merchandise Inventory b.decrease in Merchandise Inventory c.increase in Sales d.decrease in Sales
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
Terminology Match each phrase with its definition. A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F. Gross profit G. Merchandise inventory H. Purchases discount 1. 2. 3. 4. 5. 6. 7. 8. Goods a company owns and expects to see to its customers. Time period that can pass before a customer's full payment is due. Seller's description of a cash discount granted to buyers in return for early payment. Ownership of goods is transferred when the seller delivers goods to the carrier. Purchaser's description of a cash discount received from a supplier of goods. Difference between net sales and the cost of goods sold. Time period in which a cash discount is available. Ownership of goods is transferred when delivered to the buyer's place of business. 1
In the periodic inventory system, all purchases of merchandise during the period is recorded on what account?
Under a perpetual inventory system, acquisition of merchandise for resale is debited to O the Supplies account. O the Cost of Goods Sold account. O the Inventory account. O the Purchases account.
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 journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit Accounts Payable. Purchase Returns and Allowances. Sales Revenue. Inventory.
Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and General and using the following as possible column header titles: Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None and using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks. On March 1, you paid Duke Mfg. (account number D101) for inventory purchased on Feb. 27 for $1,000.…
Which of the following documents associated with the purchases and cash disbursements cycle is most likely to lead to a journal entry that debits inventory and credits accounts payable? A Purchase requisition, purchase order and receiving report B Purchase order, receiving report and invoice C Purchase requisition, receiving report and invoice D None of these

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Which one of the following transactions is recorded with the same entry in a perpetual and a periodic inventory system? * Cash received on account with a discount Payment of freight costs on a purchase Return of merchandise sold O Sale of merchandise on credit