Name four accounts that would normally appear in the chart of accounts of a merchandising business but would not appear in the chart of accounts of a service business.

Q: Which of the following would normally be classified as a Selling expense of Merchandising business?…

A: Merchandising business means business of purchase of goods from market and sale of goods to market.…

Q: Most of the accounting cycles have journal entries that accompany activities of each cycle.Which of…

A: Recording transaction in journal is termed as journalizing the entries. Transaction are first…

Q: Most of the accounting cycles have journal entries that accompany the activities of each cycle.…

A: A process of identifying a transaction, analyzing it and then recording the same in the books is…

Q: In the preparation of the worksheet of a merchandising business, the ending balance of the…

A: Merchandise inventory is the current assets, goods purchased or manufactured with the purpose of…

Q: If a company uses a multi-column purchases journal, which of the following possibleheadings for…

A: Solution Concept Multi column purchase journal is a journal used to record the credit purchase…

Q: Which of the following would not be considered an internal user of accounting data for the LMN…

A: Internal user means the person with in the company who use the financial information or accounting…

Q: How are sales to customers using MasterCard and VISA (credit/debit cards) recorded?

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Difference in the income statement of a service and a merchandising business

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: 31-Which of the following would normally be classified as a Selling expense of Merchandising…

A: 31. d. Advertising expense

Q: -Which of the following will be not be called as Source Document of a Business?

A: Answer

Q: The amount to be paid by the business to the supplier who supplied the material on credit is a.…

A: When Company purchased goods and services on credit from the supplier then it needs to be paid back…

Q: procedure will complete the purchase procedure in a company?

A: Option a is wrong because approving suppliers invoice is usually done at the beginning stage of…

Q: What accounting activities make a merchandising business differ from a service business? A. owner's…

A: Merchandise Business - These businesses generates revenue through selling goods to their customers.…

Q: comparing the accounts of a merchandising company with those of a service company, what additional…

A: Merchandise company sales goods to customers while service company provide services to customer and…

Q: ledger

A: A   COGS A/c    Dr        To Purchase A/c     B    A general ledger is an accounting record book in…

Q: Which of the following will be not be called as Source Document of a Business? a. Debit note raised…

A: Source document contains the information about a transaction like, date, amount, party, etc. Debit…

Q: What items appear in financial statements of merchandising companies but not in the statements of…

A: Definition: Merchandising businesses: Merchandising companies that buy goods from suppliers, or…

Q: III. IDENTIFICATION Directions: Identify the term/s being described. 1. It is the inventory system…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: 7-Which of the following would normally be classified as a Selling expense of Merchandising…

A: Selling expenses are the expenses that are incurred to increase the sales of company.

Q: Match each of the five items listed below with one of the following​ locations: 1. Located on the…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Give the journal entry for the following service/merchandising business transactions without the…

A: Journal entries refer to recording and classifying the business transaction into books of accounts…

Q: Activity 1. Classify Me Instruction: Identify each element or account title if it can be found on a…

A: Service business means the business of earning revenue by providing services. Merchandising business…

Q: Using the following revenue journal for Bowman Cleaners Inc., identify each of the…

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: The account that appears in the chart of accounts for a merchandising entity but not for service…

A: Merchandise Entity - In this type of entity corporation is mainly generate revenue through sale of…

Q: The revenue account for a merchandising business is typically called ___________. Group of answer…

A: Solution: Merchandise business generally involves purchase and sales of merchandise. It is a type of…

Q: For each of the following, indicate whether the item would be reported on the balance sheet…

A: The financial statements of the business include balance sheet and income statement.

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.