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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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indicate in which journal the following transactions are most likely to be recorded.
1. purchased inventories on credit.
2. sales on inventories on credit.
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- When recording a purchase of inventory on credit, which of the following correctly identifies the debit and credit entries?arrow_forwardIn accounting what is meant by the term 'purchases'? Select one: A. All good purchased and paid for. OB. All items bought. OC. All good bought for re-sale. OD. All goods held in inventory.arrow_forwardWhen recording purchase returns and purchase allowances under the periodic inventory system, what account is used?arrow_forward
- 3. Give at least one example of each Merchandise transaction for a) Receipt b) Sales Invoice (Credit) c) Debit note d) Credit note e) Voucherarrow_forwardFor a Credit Invoice Received, which entry should be made? debit to sales returns and allowances, debit to the purchases account, credit to the purchase returns and allowances account or credit to the sales account?arrow_forwardWhich of the following is the correct journal entry to record a sale to a customer on account? A) Debit Cash Credit Sales B) Debit Sales Credit Accounts Receivable C) Debit Accounts Receivable Credit Cash D) Debit Accounts Receivable Credit Salesarrow_forward
- The classification and normal balance of the sales discount account would be A. expense and debit B. revenue and credit C. contra revenue and debit D. asset and debitarrow_forwardThe trade discount on purchases is recorded A. O When it is received B.When the inventory is purchased C.When the inventory is sold D. O Not at all recorded in the booksarrow_forwardDescribe the integration of the Inventory Ledger with the Payables, Receivables and General Ledgers.arrow_forward
- If the balance in the inventory account is greater than the physical count, which of the following journal entries is recorded? a.Debit Merchandise Inventory and credit Inventory Short and Over b.Debit Merchandise Inventory and credit Cost of Goods Sold c.Debit Cost of Goods Sold and credit Merchandise Inventory d.Debit Inventory Short and Over and credit Merchandise Inventoryarrow_forwardHow to journalize entries from accounting for sales with frieght transactionarrow_forwardBefore inventory purchases are recorded, the receiving report should be reconciled to what documents?arrow_forward
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