College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Question
Chapter 11, Problem 6QY
To determine
Identify the accounts which would not be listed in the income statement column.
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Students have asked these similar questions
What is thehe Normal balances of the a) merchandise inventory, b) accounts payable, c) cost of goods sold, d) customer refunds payable e) estimated returns inventory accounts
Which of the following accounts is not
closed to Income Summary?
Cost of Goods Sold
Merchandise Inventory
O Sales
Sales Discounts
Which account balance is NOT used to compute the cost of goods sold?
a.Merchandise Inventory
b.Purchases
c.Sales
d.Purchases Discounts
Chapter 11 Solutions
College Accounting (Book Only): A Career Approach
Ch. 11 - Which of the following is the adjusting entry for...Ch. 11 - The adjusting entry for unearned revenue pertains...Ch. 11 - An account that has unearned in its name is...Ch. 11 - This type of inventory system does not require an...Ch. 11 - The Supplies account has a 1,400 balance. A...Ch. 11 - Prob. 6QYCh. 11 - Prob. 7QYCh. 11 - What is a physical inventory? What does the word...Ch. 11 - Prob. 2DQCh. 11 - Using the perpetual inventory system, what account...
Ch. 11 - Prob. 4DQCh. 11 - Prob. 5DQCh. 11 - Why is it necessary to adjust the Merchandise...Ch. 11 - A merchandising company shows 8,842 in the...Ch. 11 - Prob. 8DQCh. 11 - Prob. 1ECh. 11 - On October 31, the Vermillion Igloos Hockey Club...Ch. 11 - Basga Company uses the periodic inventory system....Ch. 11 - Prob. 4ECh. 11 - Journalize the required adjusting entries for the...Ch. 11 - On December 31, the end of the year, the...Ch. 11 - On December 31, Marchant Company took a physical...Ch. 11 - The trial balance of Hadden Company as of December...Ch. 11 - The balances of the ledger accounts of Beldren...Ch. 11 - Prob. 3PACh. 11 - Here are the accounts in the ledger of Mishas...Ch. 11 - A portion of Anderson Publishings work sheet for...Ch. 11 - The trial balance of Jillson Company as of...Ch. 11 - The balances of the ledger accounts of Pelango...Ch. 11 - Prob. 3PBCh. 11 - The accounts and their balances in the ledger of...Ch. 11 - A portion of Johnsons Farm Supply work sheet for...Ch. 11 - BURTS BEES, Durham, North Carolina Burts Bees...Ch. 11 - Prob. 2ACh. 11 - Prob. 3ACh. 11 - Prob. 4ACh. 11 - Prob. 5ACh. 11 - Prob. 1CP
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Similar questions
- Which of the following is an example of a contra revenue account? A. sales B. merchandise inventory C. sales discounts D. accounts payablearrow_forwardWhich of the following accounts are used when recording the sales entry of a sale on credit? A. merchandise inventory, cash B. accounts receivable, merchandise inventory C. accounts receivable, sales D. sales, cost of goods soldarrow_forwardSales Returns and Allowances is classified as a contra-cost account on the income statement.arrow_forward
- For each of the following accounts, identify whether the normal balance is a debit or a credit. Also specify whether the account is a contra account. a. Sales Returns and Allowances b. Merchandise Inventory c. Sales d. d Freight In e. Purchases Returns and Allowances f. Sales Tax Payable g. Purchasesarrow_forwardWhich of the following accounts would be reported under operating expenses on a multi-step income statement? A. sales B. advertising expense C. sales returns and allowances D. interest expensearrow_forwardWhich of the following accounts are used when recording a purchase? A. cash, merchandise inventory B. accounts payable, merchandise inventory C. A or B D. cash, accounts payablearrow_forward
- What is a perpetual inventory accounting system? What journal entries are involved?arrow_forwardThe following information is taken from a companys records. Applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for the inventory?arrow_forwardWhich of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC. sales discountsD. accounts payablearrow_forward
- Which of the following accounts would normally have adebit balance?a. Inventoryb. Sales Returns and Allowancesc. Sales Discountsd. All of the abovearrow_forwardOn the work sheet, ending merchandise inventory will appear on the a. debit side of the Income Statement column. b. credit side of the Balance Sheet column. c. credit side of the Trial Balance column. d. debit side of the Balance Sheet column. e. credit side of the Adjustments column.arrow_forwardWhich of the following groupings of accounts includes only accounts that carry a normal credit balance? a.Customer Refunds Payable, Estimated Returns Inventory, and Sales b.Sales Tax Payable, Cost of Goods Sold, and Sales c.Inventory, Delivery Expense, and Sales d.Sales Tax Payable, Customer Refunds Payable, and Salearrow_forward
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