FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 4, Problem 17E
To determine
Introduction: The periodic inventory system is an accounting of inventory the purchase and sales transactions are updated after the end of every periodic interval to know the cost of goods sold and updated the balance of inventory in hand.
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Recording transactions—purchases journal
Requirements
Prepare headings for a purchases journal. Journalize the transactions that should be recorded in the purchases journal. The company uses the perpetual inventory system.
Total each column of the purchases journal.
Suidd
ping
Sear
Corporat...
When merchandise purchased on account is returned under the perpetual inventory system, the buyer would debit
O Accounts Receivable
Accounts Payable
Purchases Returns and Allowances
O Inventory
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Under the periodic inventory system, the journal entry to record the purchase of merchandise inventory will include a debit to
Oa. Merchandise Inventory
Ob. Purchases
Oc. Accounts Payable
Od. Cost of Merchandise Purchased
Chapter 4 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
Ch. 4 - Prob. 1MCQCh. 4 - A company purchased $4,500 of merchandise on May 1...Ch. 4 - Prob. 3MCQCh. 4 - Prob. 4MCQCh. 4 - Prob. 5MCQCh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Prob. 5DQ
Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - Prob. 4QSCh. 4 - Prob. 5QSCh. 4 - Prob. 6QSCh. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QSCh. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - Prob. 14QSCh. 4 - Prob. 15QSCh. 4 - Prob. 16QSCh. 4 - Prob. 17QSCh. 4 - Prob. 18QSCh. 4 - Prob. 19QSCh. 4 - Prob. 20QSCh. 4 - Prob. 21QSCh. 4 - Prob. 22QSCh. 4 - Prob. 23QSCh. 4 - Prob. 1ECh. 4 - Prob. 2ECh. 4 - Prob. 3ECh. 4 - Prob. 4ECh. 4 - Prob. 5ECh. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Prob. 8ECh. 4 - Prob. 9ECh. 4 - Prob. 10ECh. 4 - Computing net sales for multiple-step income...Ch. 4 - Impacts of inventory error on key accounts P3 A...Ch. 4 - Prob. 13ECh. 4 - Prob. 14ECh. 4 - Prob. 15ECh. 4 - Prob. 16ECh. 4 - Prob. 17ECh. 4 - Prob. 18ECh. 4 - Prob. 19ECh. 4 - Prob. 20ECh. 4 - Prob. 21ECh. 4 - Prob. 22ECh. 4 - Prob. 23ECh. 4 - Prob. 24ECh. 4 - Prob. 25ECh. 4 - Prob. 1PSACh. 4 - Preparing journal entries for merchandising...Ch. 4 - Prob. 3PSACh. 4 - Prob. 4PSACh. 4 - Prob. 5PSACh. 4 - Prob. 1PSBCh. 4 - Prob. 2PSBCh. 4 - Prob. 3PSBCh. 4 - Prob. 4PSBCh. 4 - Prob. 5PSBCh. 4 - Santana Rey created Business Solutions on October...Ch. 4 - Prob. 1GLPCh. 4 - Prob. 2GLPCh. 4 - Prob. 3GLPCh. 4 - Prob. 1AACh. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - Prob. 4BTNCh. 4 - Prob. 5BTNCh. 4 - Prob. 6BTN
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- Rules of debit and credit for periodic inventory accounts Complete the following table by indicating for (a) through (g) whether the proper answer is debit or credit: Account Increase Decrease Normal Balance Purchases debit (a) (b) Purchases Discounts credit (c) credit Purchases Returns and Allowances (d) (e) (f) Freight In debit (g) debitarrow_forward( Appendix 6A) Recording Purchase and Sales Transactions Refer to the information for Raymond Company in Brief Exercise 6-34 and assume that the company uses the periodic inventory system. Required: Prepare the journal entries to record these transactions on the books of Raymond Company.arrow_forwardUsing the chart of accounts, prepare a journal entry under periodic inventory system. Thank you!arrow_forward
- On a journal entry with a debit to Cost of Goods Sold you would expect a credit to _____________________ Question 7 options: Accounts Receivable Accounts Payable Cash Merchandise Inventory Sales Revenuearrow_forwardUnder a periodic inventory system, closing entries will include Oa. debits to Sales, Purchases Returns and Allowances, and Purchases Discounts Ob. adjustments to Merchandise Inventory to match physical inventory Oc. credits to Purchases and Sales Discounts Od. All of these choices are correct.arrow_forwardJournalizing purchase transactions—periodic inventory system Lawrence Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations are not required.arrow_forward
- Which account will be debited to record the purchase of merchandise on credit under periodic inventory method? a. Purchase b. Accounts receivable c. Accounts Payable d. Casharrow_forwardWhen recording purchase returns and purchase allowances under the periodic inventory system, what account is used?arrow_forwardMerchandising Operations: Prepare the journal entries for the following transactions using the periodic inventory methodarrow_forward
- Which 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 inventoryarrow_forwardThe journal entry to record the return of inventory purchased on credit under a periodic inventory system is a. Dr Accounts Payable; Cr Purchase Returns and Allowances b. Dr Purchase Returns and Allowances; Cr Accounts Payable c. Dr Accounts Payable; Cr Inventory d. Dr Inventory; Cr Accounts Payablearrow_forwardThe journal entry to record a merchandise sold to customers on credit under periodic inventory method isarrow_forward
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