Intermediate Accounting, 10 Ed
10th Edition
ISBN: 9781260310177
Author: Mark W. Nelson, Wayne B. Thomas J. David Spiceland
Publisher: McGraw-Hill Education
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Under the perpetual inventory system, which of the following accounts is credited in the adjusting entry to reflect the expected amount of merchandise that will be returned?
a. Merchandise Inventory
b. Cost of Goods Sold
c. Sales Returns and Allowances
d. Estimated Returns Inventory
Under the periodic inventory system, which of the following accounts is debited when inventory is purchased?
a.Purchases
b.Accounts Payable
c.Accounts Receivable
d.Merchandise Inventory
Under the perpetual inventory method, what account is credited when adjusting for the estimated cost of the merchandise sold this period, but expected to be returned next period?
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Similar questions
- The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2019: a. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 2019, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 2019. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?arrow_forwardUnder the retail inventory method, freight-in would be included in the calculation of the goods available for sale for which of the following?arrow_forwardBeginning inventory, purchases, and sales for Item Delta are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31.arrow_forward
- On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the retail method:arrow_forwardWhy is it necessary to adjust the Merchandise Inventory account under a periodic inventory system?arrow_forwardDETERMINING THE BEGINNING AND ENDING INVENTORY FROM A PARTIAL SPREADSHEET: PERIODIC INVENTORY SYSTEM From the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold.arrow_forward
- DETERMINING THE BEGINNING AND ENDING INVENTORY FROM A PARTIAL WORK SHEET: PERIODIC INVENTORY SYSTEM From the following partial work sheet, indicate the dollar amount of beginning and ending merchandise inventory:arrow_forwardBeginning inventory, purchases, and sales for Item Gidget are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30.arrow_forwardRules 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:arrow_forward
- What is the difference in reporting requirements for customer-returned merchandise in sellable condition under a perpetual inventory system versus a periodic inventory system?arrow_forwardRetail method On the basis of the following data, estimate the cost of the inventory at June 30 by the retail method:arrow_forwardWhich of the following financial statements would be impacted by a current-year ending inventory error, when using a periodic inventory updating system? A. balance sheet B. income statement C. neither statement D. both statementsarrow_forward
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