The journal entry to record a merchandise sold to customers on credit under periodic inventory method is: a. Debit Accounts payable Credit Sales b. Debit Accounts receivable Credit Sales c. Debit Merchandise inventory Credit Cost of goods sold d. Debit Sales Credit Accounts receivable

Q: Journalize the following transactions. Assume the perpetual inventory system. ​(Record debits​…

A: Inventory: It is the goods and material a business hold to sell. There are two methods of recording…

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: 28-Which account will be debited to record the purchase of merchandise on credit under periodic…

A: Under periodic inventory method, inventory records are not updated on real time basis. These are…

Q: 4-Which account will be credited to record the Sale of merchandise on credit under periodic…

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

Q: The adjusting entry to set up the ending inventory will have: (A) a credit to Sales B a debit to…

A: Ending inventory is the worth of products still available for sale and held by a corporation at the…

Q: Under a perpetual inventory system  accounting records continuously disclose the amount of…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: When merchandise purchased on account is returned under the perpetual inventory system, the buyer…

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

Q: Under the perpetual inventory​ system, the journal entry to record the freight paid by the seller on…

A: Under perpetual inventory system, inventory account is used instead of purchases account. For every…

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

A: Answer:                                                                                Journal Entry…

Q: The journal entry to record the payment of merchandise on account with a discount under the Periodic…

A: Periodic inventory method: It is a inventory valuation method. In this method inventory account is…

Q: In recording the cost of merchandise sold for cash, based on data available from perpetual inventory…

A: Journal entry: It is a systematic record of a financial transaction that is recorded in…

Q: Which of the following journal entries is recording merchandise inventory leaving the warehouse on a…

A: A seller can sell goods to its customer on cash and credit basis. if its is a Cash sale  then there…

Q: Journalize the following merchandise transactions. The company uses the perpetual inventory system.…

A: Under perpetual inventory method cost of goods sold is to be recorded at the time of sale. Discount…

Q: Using a perpetual inventory system, the sale of inventory on account would be recorded as a. Debit…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: ournalize the following inventory merchandise transactions, assuming that the company uses the…

A: Perpetual inventory system is an inventory system which records all purchase and sales in the…

Q: Mcq In a perpetual inventory system, the amount of the discount allowed for paying for merchandise…

A: Perpetual inventory system is an inventory system in which all transactions related to inventory are…

Q: 6-An item of merchandise was sold for RO 1600 cash by a business using the perpetual inventory…

A: Please see the next step for the solution

Q: The Cloud Company employs a perpetual inventory system and the McKenzie Corporation uses a…

A: Definition:   Perpetual and periodic inventory system: In merchandise business, there are two types…

Q: How is merchandise inventory classified on the balance sheet and what is its normal balance of…

A: Merchandise inventory is a current Asset as it is expected to be sold within 12 months from the…

Q: 8-Assuming that you are a wholesale merchandiser. You sold goods to retail merchandiser under the…

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

Q: Under the periodic inventory system, which of the following accounts is debited when inventory is…

A: Solution:- Under the periodic inventory system the following accounts is debited when inventory is…

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

A: Under the periodic inventory system, cost if goods sold are calculated at the end of the period.…

Q: Which of the following methods is appropriate for a business whose inventory consists of a…

A: Note: Since we are entitled to answer only one question, we’ll answer the first question. Please…

Q: Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: The journal entry to record a Purchase of Merchandise Inventory from Supplier for cash under…

A: As per the periodic inventory method, all the inventory related transactions are recorded through…

Q: QUESTION 9 The entry to record the company's cost of selling merchandise under a perpetual inventory…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The amount shown in the adjustments credit column for Merchandise Inventory on the worksheet​ is:…

A: COGS is an expense item computed by subtracting the closing stock from the sum of the opening stock…

Q: Under a periodic inventory system, closing entries will include Oa. debits to Sales, Purchases…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: ournalize the following inventory merchandise transactions, assuming that the company uses the…

A: Following are the requisite Journal entries

Q: Journalize the following merchandise transactions: a. Sold merchandise on account, $14,850 with…

A: Sales discount = sales x discount rate = $14850 x 2% = $297

Q: Assuming a periodic inventory system is used, the entry to record a purchase of merchandise on…

A: Assuming a periodic inventory system is used, the entry to record a purchase of merchandise on…

Q: Assuming that the amount of the physical count of the stock of merchandise is less than the recorded…

A: Perpetual Inventory System:- It is a system where inventory purchases and returns are recorded…

Q: Define the following: Cost of goods sold

A: Since we are allowed to answer only three sub-parts of the question, I am answering only three for…

Q: A Retail Merchandiser was using Perpetual inventory method. The business bought OMR 40,000 of…

A: An entity can either use the periodic inventory method or the perpetual inventory method to record…

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

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month…

A: As per First in First Out method(FIFO) inventory sold is from units purchased earlier, therefore…

Q: Journalize the following merchandise transactions:a. Sold merchandise on account, $92,500 with terms…

A: a.

Q: When using a perpetual inventory system, the journal entry to record the Cost of Merchandise Sold is…

A: Option a.

Q: If the balance in the inventory account is greater than the physical count, which of the following…

A: When inventory is found to be greater than physical count , we need to increase inventory. For…

Q: If each purchase and sale of merchandise is recorded in the inventory and the cost of merchandise…

A: Under periodic inventory, no cost of goods sold is entry is recorded for every sale transaction. At…

Q: Sales transaction Journalize the following merchandise transaction using the net method under a…

A: Discount = Net sales x discount rate = $18,000 x 1% = $180

Q: Journalize the following merchandise transactions. The company uses the perpetual inventory system.…

A: Under perpetual inventory system, the cost of goods sold is recorded as the sales are made by the…

Q: Journalize the following merchandise transactions. The company uses the perpetual inventory system.…

A: Discount on payment = Sales x discount rate  = 17300 x 2% = $346

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

A: Perpetual Inventory System : (1) Unlike Periodic Inventory System, the Perpetual inventory system…

Q: ears in both the debit and the credit columns appears in the credit column only is correct as stated…

A: Merchandise inventory is the value of items in stock, whether they are finished goods or raw…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is