Connect Access Card For Fundamental Accounting Principles
24th Edition
ISBN: 9781260158526
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 5, Problem 8E
Exercise 5-8 Inventory and cost of sales transactions in T-accounts P1 P2
The following summarizes Tesla; s merchandising activities for the year. Setup T-accounts for Merchandise Inventory' and for Cost of Goods Sold. Enter each line item into one of the two T-accounts and compute the T-account balances.
Cost of merchandise sold to customers............................... $196,000
Merchandise inventory, beginning-year............................... 25,000
Cost of merchandise purchases, gross amount........................$192,500
Shrinkage on merchandise as of year-end............................. 800
Cost of transportation-in former chandise pijrchases.................... 2,900
Cost of merchandise retnned by customers and restored to inventory...... 2,100
Discounts received from suppliers on merchandise purchases...........$. 1,70O
Returns toand allowances from suppliers on merchandise purchases...... 4,000
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How do you complete the T-chart?
$0 ric 200 The following summarizes Tesla's merchandising activities for the year. Set up T-accounts for Merchan- dise Inventory and for Cost of Goods Sold. Enter each line item into one or both of the two T-accounts and compute the T-account balances. Cost of merchandise sold to customers.. Merchandise inventory, beginning-of-year.... Merchandise purchases, gross amount Shrinkage on inventory as of year-end.... Transportation-in for merchandise purchases. Cost of merchandise returned by customers (and restored to inventory). Discounts received from suppliers on merchandise purchases Returns to and allowances from suppliers on merchandise purchases $196,000 25,000 192,500 800 2,900 2,100 1,700 4,000 Exercise 5-11 Inventory and cost of sales transactions in T-accounts P1 P2 Check Ending Merch. Inventory, $20,000
QUESTION 9
The entry to record the company's cost of selling merchandise under a perpetual inventory system would be a
O debit to Cost of Goods Sold and a credit to Inventory
O debit to Cost of Goods Sold and a credit to Sales
O debit to Accounts Receivable and a credit to Sales
O debit to Inventory and a credit to Cost of Goods Sold.
QUESTION 10
The general ledger is arranged in the
O numerical order of the chart of accounts
O order with normal credit balance accounts first
O order with nomal debit balance accounts first.
alphabetical order of the account names.
QUESTION 11
Differences between when a company records a transaction and when the bank records the same transaction are called "timung" differences
True
False
Chapter 5 Solutions
Connect Access Card For Fundamental Accounting Principles
Ch. 5 - Prob. 1DQCh. 5 - Prob. 2DQCh. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - 5. How does a company that uses a perpetual...Ch. 5 - Prob. 6DQCh. 5 - What is the difference between a sales discount...Ch. 5 - Prob. 8DQCh. 5 - Prob. 9DQCh. 5 - What is the difference between the single-step and...
Ch. 5 - Prob. 11DQCh. 5 - Prob. 12DQCh. 5 - Prob. 13DQCh. 5 - Refer to the income statement of Samsung in...Ch. 5 - Prob. 15DQCh. 5 - Applying merchandising terms C1 P1 Enter the...Ch. 5 - Identifying inventory costs C2 Costs of $5.000...Ch. 5 - Merchandise accounts and computations C2 Use the...Ch. 5 - Computing net invoice amounts P1 Compute the...Ch. 5 - Recording purchases, returns, and discounts taken...Ch. 5 - Recording purchases and discounts taken P1 Prepare...Ch. 5 - Recording purchases and discounts missed Pl...Ch. 5 - Recording sales, returns, and discounts taken P2...Ch. 5 - Accounting for shrinkage—perpetual system P3...Ch. 5 - Closing entries P3 Refer to QS 5-9 and prepare...Ch. 5 - Multiple-step income statement P4 For each item...Ch. 5 - Preparing a multiple-step income statement P4...Ch. 5 - Exercise 5-13 Physical count error and profits A2...Ch. 5 - Prob. 14QSCh. 5 - Prob. 15QSCh. 5 - Prob. 16QSCh. 5 - Recording purchases, returns, and...Ch. 5 - Recording sales. returns, and discounts—periodic &...Ch. 5 - Prob. 19QSCh. 5 - Prob. 20QSCh. 5 - Prob. 21QSCh. 5 - Prob. 22QSCh. 5 - QS 5-23 Sales transactions P2
Prepare journal...Ch. 5 - Exercise 5-1 Computing revenues, expenses, and...Ch. 5 - Prob. 2ECh. 5 - Exercise 5-3 Recording purchases, purchases...Ch. 5 - Exercise 5-4 Recording sales, sales returns, and...Ch. 5 - Exercise 5.5 Recording purchases, purchases...Ch. 5 - Exercise 5-6 Recording sales, purchases, and cash...Ch. 5 - Exercise 5-7 Recording sales, purchases, shipping,...Ch. 5 - Exercise 5-8 Inventory and cost of sales...Ch. 5 - Exercise 5-9 Recording purchases, sales, returns,...Ch. 5 - Exercise 5-10 Preparing adjusting and closing...Ch. 5 - Prob. 11ECh. 5 - Exercise 5-12 Impacts of inventory error on key...Ch. 5 - Exercise 5-13 Physical count error and profits...Ch. 5 - Prob. 14ECh. 5 - Prob. 15ECh. 5 - Prob. 16ECh. 5 - Prob. 18ECh. 5 - Prob. 19ECh. 5 - Prob. 20ECh. 5 - Prob. 21ECh. 5 - Prob. 22ECh. 5 - Prob. 23ECh. 5 - Prob. 24ECh. 5 - Prob. 25ECh. 5 - Problem 5-1A
Preparing journal entries for...Ch. 5 - Problem 5-2A
Preparing journal entries for...Ch. 5 - Problem 5-3A Computing merchandising amounts and...Ch. 5 - Problem 5-4A Preparing closing entries and...Ch. 5 - Prob. 5APSACh. 5 - Problem 5-1 B
Preparing journal entries for...Ch. 5 - Problem 5-2B
Preparing journal entries for...Ch. 5 - Problem 5-3B Computing merchandising amounts and...Ch. 5 - Problem 5-4B Preparing closing entries and...Ch. 5 - Problem 5-5B Preparing adjusting entries and...Ch. 5 - SP 5 Santana Rey created Business Solutions on...Ch. 5 - Prob. 1GLPCh. 5 - Prob. 2GLPCh. 5 - Prob. 3GLPCh. 5 - Prob. 1AACh. 5 - Key comparative figures for Apple and Google...Ch. 5 - Prob. 3AACh. 5 - Prob. 1BTNCh. 5 - Prob. 2BTNCh. 5 - Prob. 3BTNCh. 5 - Prob. 4BTNCh. 5 - Prob. 5BTNCh. 5 - Prob. 6BTN
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