Prepare the entry to record the purchase assuming the company uses a periodic inventory system (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts)

Under the perpetual system of inventory, the Inventory account is debited at each purchase and credited at each sale. Why is it recommended that a business still do an inventory count once in a while?

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Please give correct journal entries with details explanation .

Prepare the journal entries to record the following transactions on Wildhorse Company’s books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a)   On March 2, Windsor Company sold $947,600 of merchandise to Wildhorse Company on account, terms 3/10, n/30. The cost of the merchandise sold was $534,200. (b)   On March 6, Wildhorse Company returned $105,700 of the merchandise purchased on March 2. The cost of the merchandise returned was $68,600. (c)   On March 12, Windsor Company received the balance due from Wildhorse Company. No. Date Account Titles and Explanation Debit Credit (a) choose a transaction date                                                           March 2March 6March 12 enter an account title…

The internal control questionnaire for purchases and accounts payable includes the following questions. Next to each of the questions, indicate the letter of the related transaction assertion.A. OccurrenceB. CompletenessC. AccuracyD. ClassificationE. Cutoff_______ 1. Are vendor's monthly statements reconciled with individual accounts payable accounts?_______ 2. Are all purchases made only on the basis of approved purchase requisitions?_______ 3. Are vendors' invoices listed immediately upon receipt?_______ 4. Are vendors' invoices matched against purchase orders and receiving reports before a liability is recorded?_______ 5. Is the accounts payable customer ledger balanced periodically with the general ledger control account?_______ 6. Does the accounting manual give instructions to date purchase entries on the date of receipt of goods?_______ 7. Are shipping documents authorized and prepared for goods returned to vendors?_______ 8. Is the accounts payable department notified of goods…

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Sheridan Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) (b) (c) No. Prepare all necessary journal entries for Sheridan. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) (a) (1) (a) (2) (b) On July 1, (1) Sheridan purchased $69,000 of inventory, terms 2/10, n/30, FOB shipping point. (2) Sheridan paid freight costs of $1,095. O On July 3, Sheridan returned damaged goods and received credit of $6,900. On July 10, Sheridan paid for the goods. Date July 1 July 1 July 3 July 10 V Account Titles and Explanation Inventory Accounts Payable Freight-In Cash Accounts Payable Inventory Accounts Payable Inventory Debit 69000 1095 6900 Credit 69 1 6

When inventory is purchased on credit with terms FOB shipping point, what does the buyer do?     Responses The buyer receives a discount if payment is made before the goods leave the seller’s place of business. The seller bears the insurance expense of goods during transit. The buyer reports the liability when the goods reach the buyer’s place of business. The buyer reports the liability when the goods leave the seller’s place of business.