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

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Horizon Inc. had the following transactions during the month of July 2020: Cash received from a bank loan was $50,000. Dividends of $15,000 were paid to stockholders in cash. Revenues earned and received in cash amounted to $120,000. Expenses incurred and paid were $85,000. What amount of net income will be reported on the income statement for July? A) $120,000 B) $85,000 C) $35,000 D) $15,000

Please answer the following requirements on these accounting question

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

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

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

Answer 11

3.

To determine

To Mention: 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

Ch. 8 - Describe the three types of inventory of a...Ch. 8 - What is the main difference between a perpetual...Ch. 8 - The Cloud Company employs a perpetual inventory...Ch. 8 - The Bockner Company shipped merchandise to Laetner...Ch. 8 - What is a consignment arrangement? Explain the...Ch. 8 - Prob. 8.6Q Ch. 8 - The Esquire Company employs a periodic inventory...Ch. 8 - Prob. 8.8Q Ch. 8 - Its common in the electronics industry for unit...Ch. 8 - Explain why proponents of LIFO argue that it...

Solution Summary: The author explains the periodic inventory system, which is used to determine the amount of inventory at the end of each accounting period.

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

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

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Chapter 8 Solutions