When using a perpetual inventory system, the journal entry to record the Cost of Merchandise Sold is a. debit Cost of Merchandise Sold; credit Merchandise Inventory b. debit Merchandise Inventory; credit Cost of Merchandise Sold C. debit Cost of Merchandise Sold; credit Sales Od. No journal entry is made to record the Cost of Merchandise Sold.

Q: Which of the following accounts does not appear in the general ledger of a company using the…

A: Under periodic inventory system , day to day in and out of inventory is not recorded . Closing…

Q: Under a perpetual inventory system, what are the four inventory costing methods and how does each…

A: The four inventory costing methods are: Specific identification FIFO (First-In, First-Out), LIFO…

Q: 4-Which account will be credited to record the Sale of merchandise on credit under periodic…

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Q: The entry to record inventory shrinkage under a perpetual inventory system would include a debit to:…

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Q: The elimination entry under the perpetual inventory system for intercompany sales  is a debit to…

A: SOLUTION- THE ELIMINATION ENTRY REMOVES IC SALES FROM THE CONS. UNIT (VENDOR) AND IC PURCHASE FROM…

Q: When using a perpetual inventory system, the journal entry to record the cost of goods sold is:…

A: Perpetual inventory system reports the inventory units on regular basis.

Q: Cost of goods sold is determined only at the end of the accounting period in a perpetual inventory…

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

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Q: The journal entry to record the payment of merchandise on account with a discount under the Periodic…

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Q: 31) What is the Adjusting journal entry to record when merchandise inventory is overstated in the…

A: Merchandise inventory is a form of asset for the company. It should be debited in case of increase…

Q: An account used in the perpetual inventory system that is not used in the periodi inventory system…

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Q: In a periodic inventory system, the cost of merchandise purchased includes the cost of

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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: Under perpetual inventory system, the journal entry to record cost of sales of merchandise items is:

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Q: The journal entry for the purchase of inventory on account using the perpetual inventory system is O…

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Q: The Cloud Company employs a perpetual inventory system and the McKenzie Corporation uses a…

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Q: Required: 1. Complete the…

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Q: When recording a purchase of inventory on credit, which accounts are typically affected? A) Debit…

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Q: Match the terms with the definitions.

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Q: a) merchandise inventory,  b) accounts payable, c)   cost of goods sold,  d) customer refunds…

A:

Q: Which of the following is a true statement about inventory systems? A perpetual system determines…

A: The correct statement about inventory systems is:Perpetual inventory systems require more detailed…

Q: ic inventory system wants to remove beginning estimated returns inventory, which of the following…

A: The right answer is option a.Estimated Returns Inventory

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Q: Under periodic inventory system, at the time of sale of inventory the journal entry for cost of…

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Q: The amount shown in the adjustments credit column for Merchandise Inventory on the worksheet​ is:…

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Q: Using a perpetual system, the entry to record the sale of merchandise on account includes a  a.…

A: Step 1: The sale of merchandise on account simply means that the goods have been sold on credit.…

Q: What account balance is not used to computer the cost of good sold? a. Sales  b. Purchased c.…

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Q: Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of…

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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.

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Q: In recording the cost of goods sold based on data available from perpetual inventory records, the…

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Q: 31. Under a perpetual inventory system, a.a physical count is required to determine cost of…

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