Which of the following transactions does the above journal item belong to? a) Goods sales expense record B) Return registration from goods purchase NS) Goods purchase discount posting D) Goods sales record TO) Goods purchase expense record

Which of the following transactions does the above journal item belong to? a) Goods sales expense record B) Return registration from goods purchase NS) Goods purchase discount posting D) Goods sales record TO) Goods purchase expense record

Name: 7-Which of the following transactions does the above journal item belo
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Description: 7-Which of the following transactions does the above journal item belong to? a)Goods sales expense record B)Return registration from goods purchase NS)Goods purchase discount posting D)Goods sales record TO)Goods purchase expense record Debtreceivab

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

Which of the following entries would be made to record the purchase of inventory on account, if a company uses the perpetual inventory system? A. a debit to Purchases and a credit to Accounts Payable B. a debit to Accounts Payable and a credit to Merchandise Inventory C. a debit to Merchandise Inventory and a credit to Accounts Payable D. a debit to Accounts Payable and a credit to Purchases
Using a perpetual system, the entry to record the sale of merchandise on account includes a a. Debit to sales b. Credit to merchandise inventory c. Credit to accounts receivable d. Debit to merchandise inventory.
When recording purchase returns and purchase allowances under the periodic inventory system, what account is used?
Describe the accounting treatment for merchandise returns.
3. Give at least one example of each Merchandise transaction for a) Receipt b) Sales Invoice (Credit) c) Debit note d) Credit note e) Voucher
Is purchases is the account to be debited upon purchase of merchandise under the perpetual inventory system?
What is the correct entry to write off the inventory under perpetual method? Dr. Cost of Goods sold Cr. Inventory Account B Dr. Sales Cr. Cost of Goods sold © Dr. Sales Cr. Inventory Account Dr. Inventory Account Cr. Cost of Goods sold
How do you determine the invoice of merchandise returned?
If a company uses a periodic inventory system, which of the following entry or entries are required to record the sale of merchandise on account? a.debit Cost of Goods Sold; credit Inventory b.debit Cost of Goods Sold; credit Purchases c.debit Cash, credit Sales Revenue d.debit Accounts Receivable, credit Sales Revenue
What accounts are used to recognize a retailer’s purchase from a manufacturer on credit?A. accounts receivable, merchandise inventoryB. accounts payable, merchandise inventoryC. accounts payable, cashD. sales, accounts receivable
The trade discount on purchases is recorded A. O When it is received B.When the inventory is purchased C.When the inventory is sold D. O Not at all recorded in the books
It is used to who is responsible for paying shipping and when the title of the goods passes from seller to buyer: This term will be applicable to a. Discount term b. Credit terms c. Cash term d. Shipping terms