Under periodic accounting system, when merchandize is sold, entry is posted in which account? *       (a) Cost of Sales       (b) Purchases       (c) Inventory       (d) None

Q: Under a perpetual inventory system a. accounting records continuously disclose the amount of…

A: Under the perpetual inventory system, purchases and sales are continuously updated to the inventory.

Q: O A. there is no need to take a physical count of inventory O B. beginning Merchandise Inventory,…

A: Answer:- B. beginning Merchandise Inventory, Purchases, and Freight In accounts are closed via the…

Q: A company reports inventory using the lower of cost and net realizable value (NRV). Below is…

A: Adjusting entries are prepared at the end of the accounting period to ensure the accrual base…

Q: 6. when a cormpany returns merchandise previously purchased on account, the entry to record the…

A: Hi student Since there are multiple questions, we will answer only first question. Whenever business…

Q: 4-Which account will be credited to record the Sale of merchandise on credit under periodic…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: No entry is made at the time of a sale to the Cost of Goods Sold Account or the Inventory Account…

A: There are two type of inventory system follows by the organizations i.e. Periodic inventory system…

Q: Under a perpetual inventory system  accounting records continuously disclose the amount of…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: receivable from the customer in transaction b. . Following the taking of a physical inventory at…

A: Income statement is a statement which records the revenue and expenses of an undertaking for a…

Q: Which of the following journal entries is appropiate when a credit sales is made under a perpetual…

A: Under the perpetual inventory method, we need to record sales and also the cost of goods sold.

Q: hich of the following accounts is unique to a merchandising entity that uses the periodic inventory…

A: The periodic inventory system does not record each transaction at the time they occurred. It…

Q: Delmar Industries uses the perpetual inventory method in accounting for inventory. Prepare the…

A: Perpetual Inventory Method In Perpetual inventory system any shortage (that means shortage through…

Q: e entry to record the return of $250 of inventory to a supplier under the perpetual inventory system…

A: Solution: The entry to record the return of $250 of inventory to a supplier under the perpetual…

Q: Which of the following are the suppliers of goods/services whose invoices have not yet been paid? a.…

A: Accounting can be done in  both cash and accrual method

Q: Which of the following needs an adjustment to the accounts receivable account of ABC Company? a.…

A: Accounts receivable are created by an organisation when it records sales on credit. The accounts…

Q: The Cloud Company employs a perpetual inventory system and the McKenzie Corporation uses a…

A: Definition:   Perpetual and periodic inventory system: In merchandise business, there are two types…

Q: A company using a perpetual inventory system that returns goods previously purchased on credit would…

A: What is perpetual inventory system? It is a system which record the changes in inventory(purchased…

Q: Which of the following accounts is not closed to Income Summary? * O Cost of Goods Sold O…

A: The closing entries are prepared at year end to close the temporary accounts of the business.

Q: Under the perpetual inventory system, the Cost of Good Sold account is recorded … a. When purchases…

A: Perpetual Inventory System:- It is a system in which inventory gets recorded continuously and…

Q: When preparing a worksheet for a merchandising company using periodic inventory system, which…

A: 1. The income statement contains all temporary accounts and the balance sheet contains all the…

Q: Which of the following accounts is not included in inventory? a. Raw material b. Team c. Finished…

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

Q: Requirements a. At what amount was Cost of Goods Sold reported in the company's year-end income…

A: A perpetual inventory system is an inventory recording method in which the inventory transaction is…

Q: If an accounting manager asks you to delay recording an invoice for the purchase of merchandise…

A: Income statement is prepared by the business organizations so as to know how much amount of gross…

Q: Which of the following methods is appropriate for a business whose inventory consists of a…

A: Note: Since we are entitled to answer only one question, we’ll answer the first question. Please…

Q: A company using a perpetual inventory system that returns goods previously purchased on credit would…

A: A company using a perpetual inventory system that returns goods previously purchased on credit would…

Q: The amount shown in the adjustments credit column for Merchandise Inventory on the worksheet​ is:…

A: COGS is an expense item computed by subtracting the closing stock from the sum of the opening stock…

Q: Under a periodic inventory system, closing entries will include Oa. debits to Sales, Purchases…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: What accounts are used to recognize a retailer's purchase from a manufacturer on credit? Assume the…

A: Perpetual inventory system is a method under which the movement of inventory is recorded at…

Q: When the merchandise inventory account provides a running balance of the goods on hand, which…

A: The question is related to Inventory system. There are two methods of Inventory.Perpetual inventory…

Q: Under the perpetual system of inventory, the Inventory account is debited at each purchase and…

A: Perpetual Inventory System:-it is a system of inventory valuation where inventory gets calculate on…

Q: 31. Under a perpetual inventory system, a.a physical count is required to determine cost of…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: 1 Which of the following statements about perpetual merchandising activities is true? (Identify the…

A: Hi student Since there are multiple question, we will answer only first question. If you want…

Q: Delmar Industries uses the perpetual inventory method in accounting for inventory. Prepare the…

A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…

Q: Normal balances of merchandise accountsWhat is the normal balance of the following accounts: (a)…

A: Merchandise business is that form of business in which seller purchases goods from some other person…

Q: In a retail business that uses a perpetual inventory system, scanning a bar code does not: O…

A: In a retail business that uses a perpetual inventory system, scanning a bar code does not: Option…

Q: ournalize entries for the following related transactions of Lilly Heating & Air Company who uses the…

A: Cash discount = $36,000*1% Cash discount = $360   Net purchases = $36,000 - $3,600 Net purchases =…

Q: If a company uses a periodic inventory system, which of the following entry or entries are required…

A: When a physical inventory count is done, a periodic inventory system simply updates the general…

Q: Under the perpetual inventory system, all purchases of merchandise are debited to the account…

A: Perpetual inventory system: It is a method of inventory management that records real time…

Q: Which of the following accounts would not appear on a worksheet for a merchandising entity that uses…

A: Periodic inventory system is a system of recording inventory in a way the closing stock is found out…

Q: Selected accounts and amounts appear below. Inventory Cost of Goods Sold $46,193 501,246 Journalize…

A: Closing entries are reported in the books to close the revenue and expense accounts. These are the…

Q: Which of the following accounts would be included in the chart of accounts of a merchandising…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: In Periodic inventory system the goods are a. Not recorded till the time cost of goods are known b.…

A: For calculating the accurate inventory costs and maintaining the appropriate inventory…

Q: The Cloud Company employs a perpetual inventory system and the McKenzie Corporation uses a periodic…

A: Perpetual and periodic inventory system: In merchandise business, there are two types of inventory…

Q: When merchandise is bought for​ resale, which of the following accounts would be​ increased?   A.…

A: Merchandise: It can be defined as any type of manufactured goods which may include commercial or…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.