accounts if it is normally used in Service and/or in Merchandising Business

Q: Which of the following will be called as an expense of a Merchandise business? a. Sale of…

A: a.) Sale of merchandise inventory means sales of goods so it is and income. b.) Trade discount is…

Q: When a customer returns goods, the merchandiser will:

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: Account Receivable Dr. Sales Revenue Cr. Cost of Good Sold Dr. Inventory Cr.

A: Accounts receivable is an asset account that is debited when a debtor is created. When a sale is…

Q: In the preparation of the worksheet of a merchandising business, the ending balance of the…

A: Merchandise inventory is the current assets, goods purchased or manufactured with the purpose of…

Q: Identify the type of business as service (S), retail merchandiser (RM), or wholesale…

A: A service is a transaction or activity in which no physical goods are transferred from the seller to…

Q: Use the following information (in random order) from a merchandising company and from a service…

A: Net income is derived from an income statement and an income statement is an essential part of…

Q: Assuming that you are a wholesale merchandiser. You sold goods to retail merchandiser under the…

A: Goods sold to a retail merchandiser on account. The payment terms of 3/10 n/60 shows that goods are…

Q: Ms. Ameena makes the following journal entry in her business: Debit Accounts receivable Credit Sales…

A: Accounts receivable Dr. To Sales is the entry passed at time of selling the goods.

Q: A Merchandise business uses Multi Step income statement. The business receives OMR 8,200 interest…

A:

Q: Assume an outlet of The Runner's Store has the following data: Date Item Quantity Unit Costs Sale…

A: Since you have asked a question with multiple subparts, we will solve the first three subparts for…

Q: Hello question is attached, the words listed below are the descriptions for the empty boxes in the…

A: Income statement: It can be defined as one of the company’s financial statements that shows all the…

Q: ssuming that you are a retail merchandiser. You bought goods from wholesale merchandiser under the…

A: Note: 2/10, n/30: Here, 2 represent the discount rate if payment is made within ten days. And if…

Q: Give supposed examples for the transactions took place in a Zafar Textile Industry. Record the…

A: For recording the transactions journal entries are passed primarily to record them in the…

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: The home office ships merchandise to its branch above cost. What journal entry should the home…

A: The home office ships merchandise to its branch above cost. Following Journal entry shall me record…

Q: On a journal entry with a debit to Cost of Goods Sold you would expect a credit to…

A: option (d)Merchandise Inventory

Q: Amex Stores should include which of the following items in its inventory at the statement of…

A: solution concept we should always consider the following points while valuing the inventory goods…

Q: Required: 1. Compute the company's net sales for the year. 2. Compute the company's total cost of…

A: The income statement is one of the financial statements that shows the financial performance of the…

Q: Listed below are eight typical merchandising transactions of Everyday Auto Parts, a retail auto…

A: Transactions are classified to the respective ledger.

Q: A merchandising business purchases goods for resale. A merchandiser makes a profit by selling goods…

A: Under the FIFO method, the cost of goods sold contains the cost of the earliest purchases. Under the…

Q: Mr. Ameen use periodic inventory system makes the following journal entry in his business: Debit…

A: Under the periodic inventory system, cost if goods sold are calculated at the end of the period.…

Q: Presented below is information related to Lathorp Corp., which sells merchandise with terms 2/10,…

A: Credit Term-:Credit Terms are the payment terms illustrated on the invoice at the moment of buying…

Q: Which account does a merchandiser use that a service company does not use? Cost of Goods Sold…

A:

Q: Which of the following accounts is used in merchandising but not in service type of business?…

A: Service company deals with the intangible product whereas merchandise company buys tangible product…

Q: Which of the following businesses would most likely not report cost of goods sold on their income…

A: Cost of goods sold refers to that direct costs of the inventory the company incurred to produce the…

Q: Assume the perpetual inventory; system is used unless stated otherwise. Round all numbers to the…

A: Cost accounting is the accounting of all the costs incurred for manufacturing of product and…

Q: Using the following accounts, classify each of them as part of cost of sales (COS), selling expense…

A: Cost of sales means total cost of goods that are being sold to the customers. It includes total…

Q: Administrative Expense Cost of Goods Sold Income Tax Expense Sales Returns and Allowances Selling…

A: A multi-step income statement is one that divides total revenue and expenses into operating and…

Q: What accounts are used to recognize a retailer’s purchase from a manufacturer on credit?A. accounts…

A: Purchase of goods on credit means inventory has been purchased but payment has not been made yet.…

Q: supplies expense, and advertising expense. It categorizes the remaining expenses as general and…

A: Income Statement - This statement shows the income earned and loss incurred by the organization in…

Q: shipments to branch

A: Shipments to branch account is subtracted from the beginning stock and purchases to calculate home…

Q: Required information [The following information applies to the questions displayed below.] The…

A: Multi step income statement shows all income and expenses of the business and at the end it shows…

Q: Data Table Cost of Goods Sold $101 Gross Sales 181 Sales Returns and Allowances 16 Sales Discounts…

A: Gross profit = Net sales – Cost of goods sold Net income or loss   = Gross Profit – Operating…

Q: Give an example for the transactions took place in a Zafar Textile Industry. Record the relevant…

A: For recording the transactions journal entries are passed primarily to record them in the…

Q: When merchandise is sold, the cost of merchandise sold (COMS) is a type of ___________ to the…

A: An Asset is something that is owned and controlled by an entity having some future economic…

Q: 1. Which accounts are used in a merchandising business but not in a service firm? 2. What is the…

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

Q: Use the following information (in random order) from a merchandising company and from a service…

A: The question is related to Cost Management. The cost of goods sold will be calculated with the help…

Q: Enter the letter for each term in the blank space beside the definition that it most closely…

A: Meaning of Sales discount Sales discount is the amount of discount given on the amount of sales made…

Q: Luxe Mobile Homes reported the following in its financial statements for the year ended December 31,…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: Prepare the journal entries to record these transactions on the books of Geeslin. Jan. 1…

A: When an event occurs in the business and it can be measured and expressed in terms of money, it…

Q: What is the totals credits and total debits? Also answer the following questions: Answer the…

A: Total credits= sales credit+ sales tax payable credit =6398.82+311.18 =6710 Total debit=Account…

Q: Luxe Mobile Homes reported the following in its financial statements for the year ended December 31,…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: If a customer pays with a credit card and the service has been provided, which of the following…

A: Credit card is like a physical card which are used as a postpaid, in which customer or card holder…