28) Inventory quantities can be adjusted in QBO. True False 29) Merging accounts in QBO is a permanent action (can't be reversed). OTrue O False 30) To adjust the amount of inventory on hand, O click + New on the navigation bar and select Inventory Qty Adjustment O click Accounting on the navigation bar and select Adjust Inventory O click Expenses on the navigation bar and select Adjust Inventory on the New transáction dropdown menu Oclick the gear icon on the icon bar and select Inventory Qty Adjustment

28) Inventory quantities can be adjusted in QBO. True False 29) Merging accounts in QBO is a permanent action (can't be reversed). OTrue O False 30) To adjust the amount of inventory on hand, O click + New on the navigation bar and select Inventory Qty Adjustment O click Accounting on the navigation bar and select Adjust Inventory O click Expenses on the navigation bar and select Adjust Inventory on the New transáction dropdown menu Oclick the gear icon on the icon bar and select Inventory Qty Adjustment

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 44E: Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual...

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S1: When you post an inventory transfer from warehouse 02 to warehouse 01, the system creates an inventory transfer document and a journal entry. S2: Missing inventories due to warehouse theft increases the stock quantities Only S1 is incorrect Both statements are incorrect Only S1 is correct Both statements are correct
1. Cost of goods sold + ending inventory equals? 2. Stock card is necessary in what system? A. Perpetual periodic system B. Periodic inventory system C. All of the above D. All of the above. Please answer it completely
Please answer with reason for all why the option is correct and why the other options are incorrectPlease answer correct otherwise skip it When preparing the worksheet for a merchandising business using the perpetual inventory system,which of the following is not a new merchandising account that is shown on the worksheet?A) Accumulated Depreciation — BuildingB) Sales Returns and AllowancesC) Cost of Goods SoldD) Merchandise Inventory
10.Which of the following statement(s) is (are) true about the perpetual system.A. Physical count is unnecessary for the perpetual system.B. The inventory account is used to record purchase returns and discounts.C. The system uses individual subsidiary ledgers for each inventory items.D. A formula is needed to compute for the cost of goods sold.E. The cost of sales account is debited at cost when goods are sold. A, B and C B, C and E C, D and E D, E and C
7. If Greg’s Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Assume that a perpetual inventory system using the NET METHOD is in use. Which of the following statements regarding the journal entries prepared is correct? A) When a customer returns inventory, the seller debits Customer Refunds Payable. B) Shipping costs associated with sales with terms FOB, destination should be included in Cost of Merchandise Inventory. C) When a company receives payment from a customer for a sale, Cash is debited and Accounts Payable is credited. D) When a company sells merchandise with terms 2/10, n 30, the company will credit Merchandise Inventory for the amount of the discount of 2 percent of sales. Why is the answer A and not D?
Take me to the text a) Fill in the missing numbers in the inventory schedule using the weighted-average cost inventory valuation method. This company uses the perpetual inventory system. Do not enter dollar signs or commas in the input boxes.Round all answers to 2 decimal places. When calculating the unit cost, round to 2 decimal places as well. Inventory Schedule Purchases Sales Balance Transaction Description Quantity Amount Quantity Amount Quantity Amount Opening Balance 0 $ 0 #1 Purchase from AAA Co. 600 $6,600.00 Answer $Answer Answer $Answer #2 Sale to SSS Co. Answer $Answer Answer $Answer 300 $3,300.00 #3 Sale to TTT Co. Answer $Answer 150 $Answer Answer $Answer #4 Purchase from BBB Co. 70 $1,400.00 Answer $Answer Answer $Answer #5 Sale to UUU Co. Answer $Answer 30 $Answer Answer $Answer b) If the FIFO method had been used, what would the value of COGS been for the sale to UUU Co.? COGS = $Answer c) If the specific identification method had…
Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31? a. P59,000 b. P57,000 c. P61,600 d. P60,210
H7. For the same transactions, why does the weighted-average cost method provide different value for ending inventory and COGS depending on whether the periodic or perpetual inventory system is used? Select one: a. Perpetual inventory calculates and assigns costs as items are sold, while periodic inventory calculates and assigns costs at the end of the period. b. Perpetual inventory calculates and assigns costs at the end of the period, while periodic inventory calculates and assigns costs as items are sold. c. Perpetual inventory counts all the purchases for the month first before calculating the average cost, while periodic calculates the average cost after every transaction. d. Perpetual inventory and periodic inventory will not provide different values using Explain also wrong options and explain with details
Which of the following are characteristics of a perpetual inventory system? (a). Management knows how much inventory is on hand at all times. (b). Purchases of inventory are recorded to the inventory account. (c). The computer tracks inventory upon a sale and the cost of goods and inventory are immediately updated. (d). All of these.
Need answers for all three quest in Question 3 When attempting the question, I would like to you pay attention to the following: how purchases returns, sales returns and shortage/excess inventory are treated under the perpetual inventory record the adjustment to COGS when there are returns
1. When recording the closing entries, the bookkeeper performs the following, except a. Credit the owner's drawing account b. Credit the balances of the expense accounts c. Credit the owner's capital account for the net income d. Debit the balances of the revenue accounts 2. The physical counting of inventory is needed in order to determine the inventory on hand and cost of goods sold in this inventory system I. Periodic inventory system II. Perpetual inventory system a. I only b. II only c. Both I and II d. Neither I nor II 3. A sole proprietor rendered services to a client for 50,000, receiving $20,000 cash and the balance To be paid in 30 days. This transaction results to: a. Increase in assets for 20,000; Increase in capital for $20,000 b. Increase in Asset for 50,000; increase in capital for 50,000 for the revenue earned. c. Total assets increased by 50,000; Total liabilities increase by 50,000 d. Increase in Asset for $20,000; decrease in liabilities for $30,000; Increase in…