issued the following materials and supplies. Purchases Issues from Storer

Q: General entry purchase return

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

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: A form used to request the responsible person or department to purchase merchandise or other…

A: Person responsible to make purchase would require the details to the purchases required to be made.

Q: What is the accounting treatment for supplies inventories if the purchases method is used to record…

A: Supplies generally form a part of current assets of the entity and represent the amount of supplies…

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: List three accounting information system (AIS) activities for transactions categorized as selling…

A: THE PURPOSE OF ACCOUNTING INFORMATION SYSTEM (AIS) IS TO COLLECT , STORE AND PROCESS FINANCIAL  AND…

Q: When a proprietor takes goods for own use, we will record it as:…

A: Every transaction of business is recorded as journal entry in the books.

Q: What are the columns that are typically used in the purchases journal?

A: A Purchase Journal records all purchases made on credit during a period. In other words, this is the…

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: What is the name of the account used to record purchases of merchandise inventory?

A: The concept of merchandise inventory is associated with cost of goods that is in hand and available…

Q: A sale is recorded when goods leave the seller's shipping department when the merchandise is…

A: The sales invoice records the various selling term, such as FOB, destination, FOB Shipping, Discount…

Q: Features of perpetual inventory system

A: Required  Features of perpetual inventory system?

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: The journal entry to record a Purchase of Merchandise Inventory from Supplier for cash under…

A: As per the periodic inventory method, all the inventory related transactions are recorded through…

Q: When recording a purchase of inventory on credit, which of the following correctly identifies the…

A: The objective of this question is to identify the correct debit and credit entries when recording a…

Q: Is purchases is the account to be debited upon purchase of merchandise under the perpetual inventory…

A: Perpetual Inventory System It is the most important part of the business to enter the transactions…

Q: A purchases journal is used to record: O a. purchases of merchandise on account for resale. O b.…

A: Journal: It is often defined as a primary accounting book that is used by the business to record all…

Q: When recording purchase returns and purchase allowances under the periodic inventory system, what…

A: Periodic Inventory System:Periodic inventory system is a system in which the inventory is updated…

Q: ease give me

A: We know the formula for Cost of good sold= Opening Inventory + Purchases - CLosing Inventory. We…

Q: Describe the journal entry(ies) when recording a sale of inventory using the periodic inventory…

A: In a periodic Inventory system, the entries are made in the system at the end of the accounting…

Q: Is purchases is the account to be debited upon purchase of merchandise under the perpetual inventory…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

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

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: The trade discount on purchases is recorded A. O When it is received B.When the inventory is…

A: The trade discount is the discount allowed at the time of products are sold. The trade discount…

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

A: Definition:

Q: Which of the following account will be least likely involved in the purchasing sub-process of the…

A: The purchasing sub-process of the purchasing and disbursement cycle starts with authorization of…

Q: Under the periodic inventory system, the journal entry to record the purchase of merchandise…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: what is the gournal jeneral entry for: purchase furniture and fixtures on account 2. credit…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Using a periodic inventory system to record shipping charges associated with inventory purchases…

A: "Periodic Inventory System" is one of the methods of inventory management in which the cost of goods…

Q: ccount used under periodic system to record returns of purchased goods to the suppl

A: Solution: Under periodic inventory system, inventory records for each purchase and sale are not…

Q: Which of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC.…

A: This account book transaction would be linked to certain associated accounts of a different sort.…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.