Describe the journal entry(ies) when recording a sale of inventory using the periodic inventory system.

Q: How do you enter an adjusting entry for Inventory?

A: Inventory adjustment Fluctuation in the inventory is a serious issue for a business entity. The…

Q: From the information provided below can you please complete the given table using the FIFI method of…

A: Under FIFO Method, units which came in first will be issued first and the inventory will be out of…

Q: The journal entry to record a merchandise sold to customers on credit under periodic inventory

A: Answer:                                                                                Journal Entry…

Q: Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the…

A: Solution:- Preparation of journal entries to record merchandising transactions of Lowe's, which uses…

Q: Which journal entry is correct when there is a sale under a perpetual inventory and FOB shipping…

A: Solution- Accounts payable -------------------DR                 To Merchandise inventory. (To…

Q: What is inventory shrinkage? Describe the adjusting entry that would be recorded to account for…

A: Inventory shrinkage: When there is a difference between inventory as per books and actual inventory…

Q: Which inventory system maintains a running record of inventory on hand, purchased,and sold?a.…

A: Answer:   Option d

Q: What account is debited when recording a purchase of inventory when using the perpetual inventory…

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

Q: Record the end of period adjustment to determine the amount of cost of goods sold, including any…

A: The adjustment entry is to be made under periodic inventory system at year end to record cost of…

Q: Before inventory purchases are recorded, the receiving report should be reconciled to what…

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

Q: Explain whether the physical inventory should be equal to the amount indicated by the inventory…

A: Solution Concept Perpetual inventory system : The inventory system where the inventory records are…

Q: How can we prepare financial statements for a company using periodic inventory system?

A: To calculate or account inventory there is two method, perpetual and periodic inventory method. In…

Q: a. Journalize the April transactions using a perpetual inventory system.

A: Journal is a book used to record the transactions of events happening for a firm. In journal these…

Q: Journalize the following transactions using periodic inventory method

A: Journal Entry The basic process of accounting is to journalize the required transaction into debit…

Q: What account is debited when recording the payment of freight in when using the periodic inventory…

A: Definition:

Q: Describe the integration of the Inventory Ledger with the Payables, Receivables and General Ledgers.…

A:

Q: When granting a sales allowance, is there a return of merchandise inventory from the customer?…

A: Sales allowance is an allowance where reduction in reduction in selling price is granted to customer…

Q: The two main inventory accounting systems are the a. perpetual and periodic. b. purchase and sale.…

A: Purchase and sale are the transaction made by the company. It is not an inventory system. Returns…

Q: Determine ending inventory by applying the retail inventory method.

A: Retail inventory method: It takes into account all the retail amounts that is, the current selling…

Q: What account is debited when recording the adjusting entry to write down merchandise inventory under…

A: Lower-of-cost-or-market: The lower-of-cost-or-market (LCM) is a method which requires the reporting…

Q: When merchandise purchased on account is returned under the perpetual inventory system, the buyer…

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

Q: Inventory taken by the owner of the entity for personal use, will affect which of the following…

A: Periodic inventory system is the system of accounting in which inventory is calculated at the end of…

Q: Describe in words the journal entries that are made ina perpetual inventory system when inventory is…

A: Perpetual inventory system provides a running balance of cost of goods available for sale and cost…

Q: accou method at the end of each period, as if it uses a periodic inventory system. Assume its…

A: Given : Transactions Units Unit Cost Beginning inventory, January 1  200 $ 30 Transactions…

Q: The two main inventory accounting systems are the Perpetual and periodic. purchase and sale.…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: a debit to Accounts Payable and a credit to Merchand

A: A perpetual inventory system is an inventory management approach that uses an inventory management…

Q: Prepare the inventory records using the First-in-first-out (FIFO) method.

A: FIFO Method - In this method, the quantity which is purchased first is sold first and basis on that…

Q: Explain how the sale of inventory on account is recorded under a periodic system. How does this…

A:

Q: A. Prepare two sets of journal entries using the periodic inventory method and perpetual inventory…

A: A periodic inventory system states that the inventory would be counted periodically. Whereas, the…

Q: Journalize each of the following transactions assuming a perpetual inventory system.

A: For journal entries for the above transaction, refer below

Q: Please record the entries for the inventory purchase transactions below (Perpetual Inventory System)

A: A Perpetual Inventory system is a method is used for recording inventory balance after each receipt…

Q: Describe the journal entries when recording a sale of inventory using the periodic inventory system.

A: Definition:

Q: Under this inventory system, the “Inventory” account is updated each time a purchase or sale is…

A: Solution: Under perpetual inventory system, inventory is updated with every purchase and sale. Cost…

Q: why both the "beginning inventory" and "ending inventory" figures both appear on the Income…

A: Periodic inventory system is a inventory system in which all purchase and sale transactions related…

Q: Using the chart of accounts, prepare a journal entry under periodic inventory system. Thank you!

A: Periodic inventory system is that inventory system in which all transactions related to inventory…

Q: Prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a…

A: Adjusted for change in Inventory valuation Method

Q: when taking inventory all merchandise held on consignment is _______

A: In a contract of consignment, there are two parties in which one is consignor and consignee.…

Q: Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: Explain the retail inventory method of estimating ending inventory.

A: Retail inventory method takes into account all the retail amounts that is, the current selling…

Q: Give the necessary journal entries under the periodic inventory system.

A: As per our protocol we provide solution to the one question only but you have asked two questions…

Q: Discuss how discounts are recorded in a perpetual inventory system, and compare how discounts are…

A: There are two methods to determine the inventory of the company purchased. 1. Perpetual inventory…

Q: Prepare journal entries to record the transactions, assuming perpetual inventory system.

A: Journal Entries: are the first recording of any transaction in the books of accounts. These entries…

Q: Journalize the transactions under the periodic inventory system Post the journal entries to the…

A: Working Notes for Net Payment to Creditors : (1) Merchandise Purchased on Credit = P 50,000 (2) Less…

Q: Determine cost of goods sold during the period under a periodic inventory system using the LIFO…

A: LIFO - last in first out. Means the goods at last will be sold first. Under periodic LIFO the…

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.