For each of the following statements, fill in the blanks with the correct account names. A retailer purchases merchandise on credit. The retailer would recognize this transaction by debiting _____ and crediting _______. A retailer pays for purchased merchandise within the discount window. The retailer would recognize this transaction by debiting ________ and crediting _________ and ________. A customer returns merchandise to the retailer and receives a full refund. The retailer would recognize this transaction by debiting _________ and crediting _________ if the customer had not yet paid on their account. A customer pays for purchased merchandise within the discount window. The retailer would recognize this transaction by debiting ________ and _______, and crediting _________.

Q: Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Periodic inventory system: Under this system, the inventories are updated periodically. At the end…

Q: Mr. Mohammed use perpetual inventory system makes the following journal entry in his business Debit…

A: Merchadise inventory is debited and Accounts payable is credited where  inventory is purchased on…

Q: Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Answer: Following is the Cash Receipts Journal:

Q: When a customer returns goods, the merchandiser will:

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Purchase Journal in accounting and book keeping is a log book to record transactions related to the…

Q: Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases…

A: Calculate purchase discoounts:Purchase discount =( Purchase - Purchase returns and allowance)*…

Q: If a company uses a multi-column purchases journal, which of the following possibleheadings for…

A: Solution Concept Multi column purchase journal is a journal used to record the credit purchase…

Q: In the expanded purchases journal, debits are made in which columns? choices:  Accounts Payable,…

A: Answer : Merchandise inventory ,office supplies ,and store supplies.

Q: If a wholesale company provides a discount to NetSolutions for early payment of purchases of…

A: Purchase discount is discount availed by purchaser on early payment of purchases of merchandise on…

Q: Some business transactions purchase goods and services from the seller, on credit. The buyer of…

A: Purchase of Merchandise on Account - Purchases on Accounts means Inventory purchase without paying…

Q: Assuming that you are a wholesale merchandiser. You sold goods to retail merchandiser under the…

A: Goods sold to a retail merchandiser on account. The payment terms of 3/10 n/60 shows that goods are…

Q: If merchandise purchased on account is returned, the buyer may inform the seller of the details by…

A: Given, Goods are purchased by-merchandise is returned.

Q: ow, record journal entries for the following transactions, which uses the perpetual inventory…

A: Perpetual Inventory System:   A perpetual inventory system is a method of inventory management that…

Q: Ms. Ameena makes the following journal entry in her business: Debit Accounts receivable Credit Sales…

A: Accounts receivable Dr. To Sales is the entry passed at time of selling the goods.

Q: When a customer (buyer) returns merchandise purchased on credit,what is to be done?

A: Sales Returns: It is the merchandise returned by a buyer to a seller due to many reasons like excess…

Q: The Vespa store would record the following journal entries (debits and credits) to recognize the…

A: The term journal refers to recording of the accounting transactions by using double entry system of…

Q: ssuming that you are a retail merchandiser. You bought goods from wholesale merchandiser under the…

A: Note: 2/10, n/30: Here, 2 represent the discount rate if payment is made within ten days. And if…

Q: The obligatory books that should be maintained by merchants are the following except for: * Credit…

A: Bookkeeping can be defined as the recording of monetary transactions on a regular basis. It consists…

Q: When a proprietor takes goods for own use, we will record it as:…

A: Every transaction of business is recorded as journal entry in the books.

Q: What is another name for the bill that the seller sends to the buyer when the buyer purchases…

A: Solution: Purchase order is prepared and sent by buyer to seller while placing an order. Receiving…

Q: On a journal entry with a debit to Cost of Goods Sold you would expect a credit to…

A: option (d)Merchandise Inventory

Q: Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Purchase Journal:   A purchase journal is a specialized accounting journal and it is also a prime…

Q: If merchandise sold on account is returned to the seller, the seller may inform the customer of the…

A: Solution:- If merchandise sold on account is returned to the seller, the seller may inform the…

Q: When a retailer sells merchandise to a customer on credit which one of the following accounts is…

A: Selling merchandise to the customer would include two journal entries, one is for selling goods, and…

Q: The journal entry to record a merchandise sold to customers on credit under periodic inventory…

A: Periodic inventory system is an inventory system in which all purchase and sale transactions related…

Q: If an accounting manager asks you to delay recording an invoice for the purchase of merchandise…

A: Income statement is prepared by the business organizations so as to know how much amount of gross…

Q: A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays…

A:

Q: Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Journal entry record the transaction by using double entry system and affects both debit and credit…

Q: Assume that a perpetual inventory system using the NET METHOD is in use. Which of the following…

A: Step 1: As per the net method of perpetual inventory system, when a customer will return the goods…

Q: A retailer pays for purchased merchandise within the discount window. The retailer would recognize…

A: Accounts Payable - Accounts Payable is the creditor for the company. Company owed some amount for…

Q: Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Following are the journal entries to be passed on the following dates

Q: Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Please tell us about Sales Discounts.  Why are they necessary?  Does this account appear on the…

A: Discount is the amount of reduction in the value of sale or purchase. In other words, discount in…

Q: A bill or a statement issued by the seller to the buyer giving details of goods sold. a. chart of…

A: The seller issues a bill containing all the details about the sales to the buyer.

Q: Using a perpetual system, the entry to record the sale of merchandise on account includes a  a.…

A: Step 1: The sale of merchandise on account simply means that the goods have been sold on credit.…

Q: Enter the letter for each term in the blank space beside the definition that it most closely…

A: Sales discount : The discount given by the seller of goods and services to the buyer for promoting…

Q: What accounts are used to recognize a retailer's purchase from a manufacturer on credit? Assume the…

A: Perpetual inventory system is a method under which the movement of inventory is recorded at…

Q: If a company uses a periodic inventory system, which of the following entry or entries are required…

A: When a physical inventory count is done, a periodic inventory system simply updates the general…

Q: Select a description for each transaction recorded in the following T accounts: Cash     (c)…

A: Introduction: Ledger: After recording journals , all the entries are to be posted in each individual…

Q: Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Using the accounts listed below, review the following transactions for Birdy Birdhouses and record…

A: INTRODUCTION PERPETUAL INVENTORY SYSTEM Perpetual inventory system is the method of recording…

Q: Suppose you are being interviewed for a bookkeeping job for a retailer that uses a perpetual…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: Using the accounts listed below, review the following transactions for April Anglers and record any…

A: Journal entry records the financial transaction in the accounting of an organization.

Q: Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: When a seller receives payment from a customer who takes the discount for paying early, the journal…

A: When a  seller receives payment within discount period, cash account will be debited with accounts…

Q: You must enter the journal names, header titles, and account names exactly as written above (or in…

A: Inventory system is defined as the part of accounting system were the value of inventory is computed…

Q: Which account will be debited to record the Sale of merchandise on credit under periodic inventory…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.