Under the periodic inventory system, the journal entry to record the purchase of merchandise inventory will include a debit to Oa. Merchandise Inventory Ob. Purchases Oc. Accounts Payable Od. Cost of Merchandise Purchased

Q: Which of the following is the correct journal entry for a return of goods that were purchased on…

A: As periodic inventory system purchases and sales are used instead of merchandise inventory.

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: 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: Under the periodic inventory system, the journal entry to record the cost of merchandise sold at the…

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

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: Journalize the following transactions for the buyer, Evans Company, using the gross method to…

A: Preparation of the journal entries is the first step in the double-entry system of bookkeeping.…

Q: Which of the following journal entries is appropiate when a credit sales is made under a perpetual…

A: Under the perpetual inventory method, we need to record sales and also the cost of goods sold.

Q: 2. The entry to record the return of $25 of inventory to a supplier under the perpetual inventory…

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

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

A: Under perpetual inventory system, when inventory are purchased on account, then purchases account is…

Q: When purchases of merchandise are made on account with a perpetual inventory system, the transaction…

A: Perpetual inventory system: It is a method of inventory management that records real time…

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: Under the perpetual inventory system, a company purchases merchandise on terms 2/10, n/30. The entry…

A: Inventory system of book keeping means where proper books of account relating to inventory has been…

Q: What is the method of accounting of inventory in which the cost of goods is recorded each time a…

A: The cost of goods included the cost of goods that are sold during the period.

Q: When purchases of merchandise are made on account and the perpetual method is used, the transaction…

A: If a business entity purchases the merchandise Inventory on account, hereunder double-entry system…

Q: At the end of the accounting period, the correct entry in the general journal to adjust for…

A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…

Q: Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual…

A: The journal keeps the record of day to day transactions of the business.

Q: What is the name of the account used to record purchases of merchandise inventory?

A: The concept of merchandise inventory is associated with cost of goods that is in hand and available…

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

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

Q: A company that uses a perpetual inventory system purchased inventory on account and later returned…

A: Perpetual inventory system: It is a method of inventory management that records real time…

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

A: Let's understand some basics Merchandise is the term used to refer to any goods purchased for the…

Q: Describe in words the journal entries that are made ina perpetual inventory system when inventory is…

A: Perpetual inventory system provides a running balance of cost of goods available for sale and cost…

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

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

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: 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: When purchases of merchandise are made on account with a perpetual inventory system, the transaction…

A: Correct option is D Debit Merchandise Inventory;credit Account Payable   Reason : Merchandise…

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: 31. Under a perpetual inventory system, a.a physical count is required to determine cost of…

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

Q: Under a periodic inventory system Oa. accounting records continuously disclose the amount of…

A: Periodic inventory is a system of inventory in which updates are made on a periodic basis.

Q: Normal balances of merchandise accountsWhat is the normal balance of the following accounts: (a)…

A: Merchandise business is that form of business in which seller purchases goods from some other person…

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: What account is debited when recording a purchase of inventory when using a periodic inventory…

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

Q: Required: Hemming uses a periodic inventory system.    (a) Determine the costs assigned to ending…

A: FIFO is first in first out inventory valuation method in which inventories which are purchased first…

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: Describe the journal entries when recording a sale of inventory using the periodic inventory system.

A: Definition:

Q: Under periodic inventory system, freight-in on merchandise purchases should be charged to the *…

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

Q: Describe the calculation of the cost of goods sold when using the periodic inventory system.

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

Q: Under this inventory system, the “Inventory” account is updated each time a purchase or sale is…

A: Solution: Under perpetual inventory system, inventory is updated with every purchase and sale. Cost…

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: The journal entry to record the purchase of inventory on account is:

A: The journal entry to record the purchase of inventory on account is: Answer - A Debit…

Q: Which of the following accounts would be included in the chart of accounts of a merchandising…

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

Q: In the periodic inventory system, all purchases of merchandise during the period is recorded on what…

A: There are two type of inventory systems in the business. One is perpetual inventory system and other…

Q: In a perpetual inventory system, purchases of merchandise on account are recorded by debiting: a…

A: In a perpetual inventory system, Purchases account is not maintained because inventory account is…