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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issue of shares for cash
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- Select the best answer for the question 6. An example of a contra-revenue account found on the Income Statement is the O A. Sales Returns and Allowances. OB. Purchase Returns and Allowances. OC. Transportation-in ⒸD. Uncollectible Accounts Expense. Mark for review (Will be highlighted Next Questionesarrow_forwardWhen recording a purchase of inventory on credit, which of the following correctly identifies the debit and credit entries?arrow_forwardA bill or a statement issued by the seller to the buyer giving details of goods sold. a. chart of accounts b. invoice c. voucher d. accountsarrow_forward
- A purchases journal is used to record: O a. purchases of merchandise on account for resale. O b. cash purchases of merchandise. O c. purchases of fixed assets on account. O d. purchases of supplies on account for office use.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_forwardThe entry to record the sale of goods on account uses a perpetual system and comprises aarrow_forward
- When recording purchase returns and purchase allowances under the periodic inventory system, what account is used?arrow_forwardWhich of the following accounts is closed by debiting the account? a. Purchases b. Sales returns and allowances c. Transportation in d. Purchase returns and allowancesarrow_forward3. Give at least one example of each Merchandise transaction for a) Receipt b) Sales Invoice (Credit) c) Debit note d) Credit note e) Voucherarrow_forward
- For 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_forwardWhat account is debited when recording a purchase of inventory when using a periodic inventory system?arrow_forward
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