Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period. To Record: The journal entry for purchase and payment using net method.

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Answer 1

Question

Chapter 8, Problem 8.10E

1.

To determine

Periodic Inventory System:

It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

To Record: The journal entry for purchase and payment using net method.

2.

To determine

To Record: The payment of accounts payable after the discount period

3.

To determine

To indicate: The changes to the journal entries if perpetual method was used instead of periodic.

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Answer 2

Question

Chapter 8, Problem 8.10E

1.

To determine

Periodic Inventory System:

It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

To Record: The journal entry for purchase and payment using net method.

2.

To determine

To Record: The payment of accounts payable after the discount period

3.

To determine

To indicate: The changes to the journal entries if perpetual method was used instead of periodic.

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Answer 3

Question

Chapter 8, Problem 8.10E

1.

To determine

Periodic Inventory System:

It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

To Record: The journal entry for purchase and payment using net method.

2.

To determine

To Record: The payment of accounts payable after the discount period

3.

To determine

To indicate: The changes to the journal entries if perpetual method was used instead of periodic.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 8.10E

1.

To determine

Periodic Inventory System:

It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

To Record: The journal entry for purchase and payment using net method.

2.

To determine

To Record: The payment of accounts payable after the discount period

3.

To determine

To indicate: The changes to the journal entries if perpetual method was used instead of periodic.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 8.10E

1.

To determine

Periodic Inventory System:

It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

To Record: The journal entry for purchase and payment using net method.

2.

To determine

To Record: The payment of accounts payable after the discount period

3.

To determine

To indicate: The changes to the journal entries if perpetual method was used instead of periodic.

Answer 6

Chapter 8, Problem 8.10E

1.

To determine

Periodic Inventory System:

It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

To Record: The journal entry for purchase and payment using net method.

Answer 7

Chapter 8, Problem 8.10E

1.

To determine

Periodic Inventory System:

It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

To Record: The journal entry for purchase and payment using net method.

Answer 8

2.

To determine

To Record: The payment of accounts payable after the discount period

Answer 9

2.

To determine

To Record: The payment of accounts payable after the discount period

Answer 10

3.

To determine

To indicate: The changes to the journal entries if perpetual method was used instead of periodic.

Answer 11

3.

To determine

To indicate: The changes to the journal entries if perpetual method was used instead of periodic.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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To Record: The payment of accounts payable after the discount period

To indicate: The changes to the journal entries if perpetual method was used instead of periodic.

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