The account used to adjust the perpetual inventory records when a difference exists between the physical count and the amount in the perpetual inventory records is called a. Inventory Short and Over. b. Estimated Returns Inventory. c. Inventory Shrinkage. d. Merchandise Inventory

Q: In the Perpetual/Periodic Inventory System what are the merchandise inventory and Income summary?…

A: Perpetual inventory: Under perpetual inventory system each transaction for purchase of inventory,…

Q: Indicate whether each of the following statements is true or false.

A: As per the guidelines, only three subparts are allowed to be solved. Please resubmit the remaining…

Q: In a periodic inventory system, the quantity of ending inventory is determined by: a. Looking at the…

A: Under the periodic inventory method total ending inventory can be calculated by physical count.

Q: The amount shown in the balance sheet debit column of worksheet for Merchandise Inventory​ is:   A.…

A: Merchandise inventory: It can be defined as any type of manufactured goods that are acquired by the…

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: When inventory is held on consignment it should be?   Derecognized Reported as cost of goods sold…

A: Solution: When inventory is held on consignment it should be "Derecognized" as inventory is not…

Q: The inventory that continually discloses the amount of inventory on hand is called:   a) specific…

A: a) Under specific identification method, inventory is counted at the end of the period physically…

Q: Explain how the sale of inventory on account is recorded under a periodic system. How does this…

A:

Q: On the work sheet, ending merchandise inventory will appear on the a. debit side of the Income…

A: Worksheet is a 10 column sheet which is used to prepare financial statements for business. It shows…

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 is the correct entry to write off the inventory under perpetual method? Dr. Cost of Goods sold…

A: The Perpetual Inventory System is a highly preferred system as it can produce accurate results…

Q: The journal entry to write inventory up to the net realizable value would be​ _______. a) a debit to…

A: SOLUTION- INVENTORY IS AN ASSET AND TO WRITE UP INVENTORY WE HAVE TO CREDIT THE INVENTORY. AS IT…

Q: In the periodic inventory system, all purchases of merchandise during the period is recorded on what…

A: There are two type of inventory systems in the business. One is perpetual inventory system and other…

Q: Which account will be debited to record the Sale of merchandise on credit under periodic inventory…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…