Which of the following business uses perpetual inventory system? a. Pharmacy b. Barber c. Tailor d. Cold store (small)
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Which of the following business uses perpetual inventory system?
a.
Pharmacy
b.
Barber
c.
Tailor
d.
Cold store (small)
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Solved in 2 steps
- Which of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC. sales discountsD. accounts payableIf a company uses a multi-column purchases journal, which of the following possibleheadings for debit columns of the journal wouldnot be appropriate? a. merchandise inventory b. office supplies c. accounts payable d. store suppliesWhich of the following journal entries is appropiate when a credit sales is made under a perpetual inventory (a) Dr. Account receivable Cost of good sold Cr. Sales Merchandise inventory (b) Dr. Account receivable Merchandise inventory Cr. Sales Cost of good sold (c) Dr. Account receivable Cr. Sales (d) Dr. Accounts receivable Cr. Merchandise inventory
- What is the treatment of the following items in connection with the retail inventory method?a. Purchase discountsb. Purchase returnsc. Purchase allowancesd. Freight ine. Sales discountf. Sales allowanceg. Sales returnh. Employee discounti. Normal and abnormal shortage, shrinkage, spoilage and breakagej. Departmental transfer ink. Departmental transfer outBusiness documents used to keep track of sales and purchases are called _____. F.O.B. shipping point terms of sale invoices F.O.B. destinationWhat accounts are used to recognize a retailer’s purchase from a manufacturer on credit?A. accounts receivable, merchandise inventoryB. accounts payable, merchandise inventoryC. accounts payable, cashD. sales, accounts receivable
- When the perpetual inventory system is used, the inventory sold is debited to a. Cost of Merchandise Sold Ob. Merchandise Inventory Oc. Sales Od. Supplies ExpenseThe revenue account for a merchandising business is typically called ___________. Group of answer choices inventory sales. unearned revenue. fees earned. sales or sales of merchandise.What accounts are used to recognize a retailer's purchase from a manufacturer on credit? Assume the perpetual inventory system is used. A.Accounts Payable, Merchandise Inventory B.Sales, Accounts Receivable C.Accounts Receivable, Merchandise Inventory D.Accounts Payable, Cash
- Merchandising Business: What is the journal entry for the following transactions using the perpetual inventory method?22- Which of the following business uses perpetual inventory system? a. Pharmacy b. Tailor c. Cold store (small) d. BarberWhat is the treatment of the following items in connection with the retail inventory method?j. Departmental transfer ink. Departmental transfer out
