Multiple choice d. Debits: Sales Revenue, Finished-Goods Inventory; credits: AccountsFUNDAMENTALS OF ACCOUNTINGc. Debits: Sales Revenue, Cost of Goods Sold; credits: Accountsoptions correctly expresses the accounts that are debited and credited toa. Debits: Accounts Receivable, Finished-Goods Inventory; credits: Salesb. Debits: Accounts Receivable, Cost of Goods Sold, credits: Salesrecord this transaction?|CHAPTERd.a crRevenue, Cost of Goods Sold.Under-8.commachaRevenue, Finished-Goods Inventory.a.Receivable, Finished-Goods Inventory.b. chachaC.d. proReceivable, Cost of Goods Sold.and9. WhichapplicaI1. Actinf5. Media, Inc., an advertising agency, applies overhead to jobs on the baskdirect professional labor hours. Overhead was estimated to be P150 00direct professional labor hours were estimated to be 15,000, and direprofessional labor cost was projected to be P225,000. During the verMedia incurred actual overhead costs of P146,000, actual diremprofessional labor hours of 14,500, and actual direct labor cost of P222.000By year-end, the firm's overhead was:a. P1,000 underapplied.b. P1,000 overapplied.c. P4,000 underapplied.d. P4,000 overapplied.III. PreinfIV. Prea.b. larIl ad. 1,1IC.10 Select 4. A computer manufacturer recently shipped several laptops to a customer(cost: P25,000) and billed the customer P30,000. Which of the following505

"Since you have asked multiple questions, we will solve first question for you. If you want any…

b. Debits: Accounts Receivable, Cost of Goods Sold; credits: Sales options correctly expresses the accounts that are debited and credited to a. Debits: Accounts Receivable, Finished-Goods Inventory; credits: Sales Debits: Sales Revenue, Cost of Goods Sold; credits: Accounts record this transaction? Revenue, Cost of Goods Sold. Revenue, Finished-Goods Inventory. C. Receivable, Finished-Goods Inventory. d. Debits: Sales Revenue, Finished-Goods Inventory; credits: Accoue Receivable, Cost of Goods Sold.

b. Debits: Accounts Receivable, Cost of Goods Sold; credits: Sales options correctly expresses the accounts that are debited and credited to a. Debits: Accounts Receivable, Finished-Goods Inventory; credits: Sales Debits: Sales Revenue, Cost of Goods Sold; credits: Accounts record this transaction? Revenue, Cost of Goods Sold. Revenue, Finished-Goods Inventory. C. Receivable, Finished-Goods Inventory. d. Debits: Sales Revenue, Finished-Goods Inventory; credits: Accoue Receivable, Cost of Goods Sold.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.1KTQ: Merchandise Accounting Merchandise Inventory Raw materials Work in process Finished goods Gross...

See similar textbooks

Similar questions

Which of the following accounts are used when recording the sales entry of a sale on credit? A. merchandise inventory, cash B. accounts receivable, merchandise inventory C. accounts receivable, sales D. sales, cost of goods sold
Identify each of the following items relating to sections of an income statement as Revenue from Sales (S), Cost of Goods Sold (CGS), Selling Expenses (SE), General Expenses (GE), Other Income (OI), or Other Expenses (OE). a. Utilities Expense b. Advertising Expense c. Purchases Discounts d. Sales Returns and Allowances e. Interest Income f. Freight In g. Depreciation Expense, Equipment h. Interest Expense i. Rent Expense j. Sales
Which of the following is an example of a contra revenue account? A. sales B. merchandise inventory C. sales discounts D. accounts payable
What accounts are used to recognize a retailers purchase from a manufacturer on credit? A. accounts receivable, merchandise inventory B. accounts payable, merchandise inventory C. accounts payable, cash D. sales, accounts receivable
For each of the following accounts, identify whether the normal balance is a debit or a credit. Also specify whether the account is a contra account. a. Sales Returns and Allowances b. Merchandise Inventory c. Sales d. d Freight In e. Purchases Returns and Allowances f. Sales Tax Payable g. Purchases
Identify items missing in determining cost of goods sold For (a) through (e), identify the items designated by X and Y. A. Purchases (X + Y) = Net purchases B. Net purchases + X = Cost of inventory purchased C. Inventory (beginning) + Cost of inventory purchased = X D. Inventory available for sale X = Cost of inventory before estimated returns E. Cost of goods sold before estimated returns X = Cost of goods sold
Merchandise Accounting Merchandise Inventory Raw materials Work in process Finished goods Gross profit Net sales Sales revenue Cost of goods available for sale Cost of goods sold Perpetual system Periodic system Transportation-In Purchases FOB destination point FOB shipping point Gross profit ratio An adjunct account used to record freight costs paid by the buyer. A system in which the Inventory account is increased at the time of each purchase and decreased at the time of each sale. Terms that require the seller to pay for the cost of shipping the merchandise to the buyer. Terms that require the buyer to pay for the shipping costs. A system in which the Inventory account is updated only at the end of the period. Beginning inventory plus cost of goods purchased. An account used in a periodic inventory system to record acquisitions of merchandise. Sales revenue less sales returns and allowances and sales discounts. Cost of goods available for sale minus ending inventory. Gross profit divided by net sales. Net sales less cost of goods sold. The cost of unfinished products in a manufacturing company. The account wholesalers and retailers use to report inventory held for sale. The inventory of a manufacturer before the addition of any direct labor or manufacturing overhead. A manufacturers inventory that is complete and ready for sale. A representation of the inflow of assets from the sale of a product.
Which of the following accounts are used when recording a purchase using a periodic inventory system? A. cash, purchases B. accounts payable, sales C. accounts payable, accounts receivable D. cash, merchandise inventory
Sales Returns and Allowances is classified as a contra-cost account on the income statement.
Which of the following accounts are used when recording a purchase? A. cash, merchandise inventory B. accounts payable, merchandise inventory C. A or B D. cash, accounts payable
On which financial statement would the merchandise inventory account appear? A. balance sheet B. income statement C. both balance sheet and income statement D. neither balance sheet nor income statement
Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.