Related Accounting Q&A
Find answers to questions asked by students like you.
Q: A company using the perpetual inventory system purchased inventory worth $24,000 on account with…
A: Inventory refers to the goods that are available for sale or available for further production.
Q: A company that uses the perpetual inventory system purchased inventory for $1,000,000 on account…
A: The Perpetual inventory system keeps the record of inventory separately and it is updated with every…
Q: A company purchased inventory for $74,000 from a vendor on account, FOB shipping point, with terms…
A: FOB Shipping means the buyer must pay the cost of delivery (freight-in).Cost of inventory will…
Q: ABC Company is using the perpetual inventory system purchased inventory worth P25,000 on account…
A: Net Purchases = Purchases - Purchase Return = P25,000 - P2,000…
Q: A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms…
A: The process of recording business transactions in the books of accounts for the first time is known…
Q: ABC Company purchased inventory for P750,000 from a vendor on account, FOB shipping point, with…
A: Discount on payment = Amount of inventory purchased x discount rate = P750,000 x 3% = P22,500
Q: Marigold Inc. took a physical inventory at the end of the year and determined that $777000 of goods…
A: FOB Shipping point goods are shipped, so this will be included in the inventory. Goods on…
Q: On June 5, Staley Electronics purchases 200 units of inventory on account for $20 each. After closer…
A: Journal is the book of original entry in which all the transactions of the business are recorded…
Q: Kennedy Company had the following account balances at year-end: cost of goods sold $85,000;…
A: Closing Entry: Closing entries are passed at the end of an accounting period to close the balances…
Q: Assuming that a Retail Merchandise business purchased 500 numbers of HP three in one printer for…
A: Periodic inventory system is the one in which the recording of the inventory is done on periodic…
Q: Winston started business on Jan. 1. During ghe year, the company purchased merchandise with an…
A: Net purchases=Purchase+Freight-Purchase return-Purchase…
Q: Assuming that a Retail Merchandise business purchased 500 numbers of HP three in one printer for…
A: Value of returned goods = 100 *OMR 40 = OMR 4,000 Under periodic system to record purchase returns…
Q: Assuming that a Retail Merchandise business purchased 500 numbers of HP three in one printer for OMR…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: company purchased inventory for $1,400 per unit. The company later sold one unit of the inventory…
A: There are two method of inventory management: Perpetual Inventory System and Periodic Inventory…
Q: Crane Inc. took a physical inventory at the end of the year and determined that $787k of goods were…
A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…
Q: Bell Inc. took a physical inventory at the end of the year and determined that $780k of goods were…
A: Purchase of goods in FOB shipping point means that ownership is transferred to the buyer at the time…
Q: Coronado Inc. took a physical inventory at the end of the year and determined that $790000 of goods…
A: In case of F.O.B shipping, the ownership relating to goods is transferred to the purchaser (buyer)…
Q: Peru Industries began operations on January 1, 2020. During the next two years, the company…
A: As posted Multiple sub parts we are answering only first three sub parts kindly repost the…
Q: Peru Industries began operations on January 1, 2020. During the next two years, the company…
A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…
Q: Peru Industries began operations on January 1, 2020. During the next two years, the company…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Assuming that a ABC merchandise business purchased 500 numbers of Office chairs for OMR 40 each on…
A: Credit terms 5/20, n/60 means that discount of 5% will be allowed of payment is made within 20 days…
Q: Peru Industries began operations on January 1, 2020. During the next two years, the company…
A: The allowance for doubtful accounts is maintained to record estimated bad debt expense for the…
Q: Peru Industries began operations on January 1, 2020. During the next two years, the company…
A: The allowance technique is putting money away for bad debts that really are likely to occur in the…
Q: A company that uses the perpetual inventory system purchases inventory for $65,000 on account, with…
A: Discount on payment = Purchase amount x rate of discount = $65,000 x 2% = $1,300
Q: Presented below is information related to Wildhorse Co., owned by D. Flamont, for the month of…
A: Income = Sales- expenses = $369000- $333300 = $ 35700 Cost of goods sold= $214000+$ 3000= $ 217300
Q: The company completed the following transactions during 2020. Jan 10 sold inventory to Natty Paul,…
A: As per the guidelines, only one question is allowed to be sold. Please upload different questions…
Q: A company that uses the perpetual inventory system purchases inventory for P65,000 on account, with…
A: Under perpetual inventory system, discount under terms is accounted for as adjusting to Inventory…
Q: Described below are certain transactions of Pharoah Corporation. The company uses the periodic…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: On April 2, Kelvin sold $35000 of inventory items on credit with the terms 2/10, net 30. Payment on…
A: Option d is correct.
Q: Described below are certain transactions of Flint Corporation. The company uses the periodic…
A: Journal entry refers to recording and classifying business transactions initially into books of…
Q: The company has the ff account balances at the end of the year: COGS: 60,000; Sales Revenue:…
A: ADJUSTING ENTRIES IS AN ENTRY MADE IN COMPANY'S LEDGER TO CORRECT A MISTAKE MADE PREVIOUSLY IN THE…
Q: Shankar Company uses a perpetual system to record inventory transactions. The company purchases…
A: Given information is: Shankar Company uses a perpetual system to record inventory transactions. The…
Q: XYZ Company revealed an unadjusted balance of inventory of P3,000,000. It was also disclosed…
A: The Company revealed an unadjusted balance of inventory of P3,000,000. It was also disclosed…
Q: At year-end, the perpetual inventory records of Blue Company showed merchandise inventory of…
A: Perpetual inventory system is the system in which transaction to purchase and sale of goods are…
Q: Described below are certain transactions of Cullumber Corporation. The company uses the periodic…
A: On February 2 , Purchase amount after discount = $ 68100 * 98% = $ 66738
Q: Record these business transactions in debit and credit format a) The Company purchased Inventory on…
A: Transactions will be recorded in the following way.
Q: Record these business transactions in debit and credit format a) The Company purchased Inventory on…
A: Allowance for doubtful account is created to record bad debt under allowance method, and it is a…
Q: Described below are certain transactions of Edwardson Corporation. The company uses the periodic…
A: Click to see the answer
Q: Uptown Department Store uses the perpetual inventory system and has ending inventory with a…
A: As per the LIFO method, the ending inventory is measured at cost or replacement cost whichever is…
Q: The company has the ff account balances at the end of the year: COGS: 60,000; Sales Revenue:…
A: The adjusting entries are prepared to adjust the additional information and to ensure accrual base…
Q: Hinds Company sold merchandise to Peter Company on account for $146,000 with credit terms of ?/10,…
A: Cost of good sold returned = (Cost of good sold / Sales)*Sales return = ($86,140 / $146,000)*$6,000…
Q: Sundance Systems has the following transactions during July.July 5 Purchases 40 LCD televisions on…
A: Under the perpetual inventory system, inventory account is used to record purchases.
Q: The business has started its operations in the last year with an opening stock of OMR 10,000 and…
A: Average inventory processing period is the number of days in which the inventory is sold. AIPP =…
Q: Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the…
A: Periodic inventory system: The method or system of recording the transactions related to inventory…
Q: On October 5, Blossom Company sells merchandise to Pina Company for $5,400, terms 2/10, n/30. The…
A: PERPETUAL INVENTORY SYSTEM: It is a method…
Q: On March 3, Byrde Inc purchases inventory on account for $3,900 with invoice terms of 4/10, n/30.…
A: Accounts Payable = 3,500 x 4% = 140 Cost of Goods sold = 3,900 + 210 - 400 = 3,710
Q: Golden Furniture in Muscat follows periodic inventory method. The business sold Merchandise 100…
A: Option c is correct
Q: Golden Furniture in Muscat follows periodic inventory method. The business sold Merchandise 100…
A: Credit Note is document issued issued by seller of goods or services to buyer of goods or services…
Q: During 2021, your company completed the following summarized transactions. Prepare journal entries…
A: Journal entries recording is treated as first step of accounting cycle process, in which atleast one…
Q: JC Manufacturing purchased inventory for $5,300 and also paid a $260 freight bill. JC Manufacturing…
A: Click to see the answer
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