issued the following materials and supplies. Purchases Issues from Storer

When the buyer pays the freight​ costs, the entry to record the payment under a perpetual inventory system would include a debit to​ _______. Question content area bottom Part 1 A. Freight In B. Inventory C. Purchases Discounts D. Delivery Expense

Terminology Match each phrase with its definition. A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F. Gross profit G. Merchandise inventory H. Purchases discount 1. 2. 3. 4. 5. 6. 7. 8. Goods a company owns and expects to see to its customers. Time period that can pass before a customer's full payment is due. Seller's description of a cash discount granted to buyers in return for early payment. Ownership of goods is transferred when the seller delivers goods to the carrier. Purchaser's description of a cash discount received from a supplier of goods. Difference between net sales and the cost of goods sold. Time period in which a cash discount is available. Ownership of goods is transferred when delivered to the buyer's place of business. 1

Before inventory purchases are recorded, the receiving report should be reconciled to what documents?

Which inventory system would have a purchases account? Group of answer choices Perpetual FIFO LIFO Periodic

Identify Postings from Purchases Journal Using the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required: PURCHASES JOURNAL Page 49 Date Account Credited Post.Ref. AccountsPayableCr. StoreSuppliesDr. OfficeSuppliesDr. OtherAccountsDr. Post.Ref. Amount 20Y9                   Jan. 4 Coastal Equipment Co. (a) 5,325           Warehouse Equipment (g) 5,325 Jan. 6 Arrow Supply Co. (b) 4,000       4,000         Jan. 9 Valley Products (c) 1,875   1,600   275         Jan. 14 Office Warehouse (d) 2,200           Office Equipment (h) 2,200 Jan. 20 Office Warehouse (e) 6,000           Store Equipment (i) 6,000 Jan. 25 Metro Supply Co. (f) 2,740   2,740             Jan. 30     22,140   4,340   4,275       13,525       (j)   (k)   (l)       (m)   Post reference represents: a.   b.   c.…

The Inventory module window has journal icons for Select one: O a. inventory sales and inventory purchases b. item assembly and inventory adjustments O c. inventory sales and inventory adjustments O d. all of the above Show Transcribed Text You should use the adjustments journal to record - Select one: O a. adjustments to inventory purchase prices from the supplier as an allowance for damages O b. adjustments to inventory sale prices to customers as an allowance for damages c. adjustments to inventory in stock for damaged goods O d. all of the above

What are the two journal entries involved when recording the sale of inventory when using the perpetual inventory system?