Using a perpetual system, the entry to record the sale of merchandise on account includes a  a. Debit to sales b. Credit to merchandise inventory c. Credit to accounts receivable  d. Debit to merchandise inventory.

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

A: Answer: Following is the Cash Receipts Journal:

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: 6. when a cormpany returns merchandise previously purchased on account, the entry to record the…

A: Hi student Since there are multiple questions, we will answer only first question. Whenever business…

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: Which one of the following transactions is recorded with the same entry in a perpetual and a…

A: With the perpetual system all the sales are directly credited to inventory and all the purchases are…

Q: The credit terms of a sale are normally indicated on a(n): a.check. b.invoice. c.bill of lading.…

A: Credit terms are terms that indicate when payment is due for sales and discount offered.

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: 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: er uses a perpetual inventory system, and it purchases merchandise on terms of FOB shipping point.…

A: In perpetual inventory system updates inventory on a continuous basis . Transactions  related to…

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: The credit period during which the buyer of merchandise is allowed to pay usually begins with what…

A: Credit period generally begins with the date of sales as recorded on the invoice.If the payment is…

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: When the perpetual inventory system is used, the inventory sold is debited to a. Cost of Merchandise…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: Journal entries commonly processed as part of the purchases and cash disbursements can include:   A…

A: Purchases of the business includes goods and services purchased for the business. It can be on cash…

Q: Which journal entry is correct when there is a sale under a perpetual inventory and FOB shipping…

A: Solution- Accounts payable -------------------DR                 To Merchandise inventory. (To…

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: 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: 64. In the purchase of merchandise on account transaction, the entry in the Purchases Journal will…

A: Solution 64:   In purchase of merchandise on account transaction, the entry in the purchase journal…

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: Under the perpetual inventory system, in addition to making the entry to record a sale, a company…

A: Under perpetual inventory system, the decrease in inventory is also recorded every time of sale.

Q: What account is debited when recording the adjusting entry to write down merchandise inventory under…

A: Lower-of-cost-or-market: The lower-of-cost-or-market (LCM) is a method which requires the reporting…

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: 3. When purchasing merchandise for resale on account, record the transaction in the sales journal.…

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

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: 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: when a buyer returns merchandise purchased for cash, the buyer will record the transaction as a…

A: The purchase return in the books of the buyer under the perpetual inventory is to debit the accounts…

Q: Is purchases is the account to be debited upon purchase of merchandise under the perpetual inventory…

A: Perpetual Inventory System It is the most important part of the business to enter the transactions…

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: he entry to record the sale of goods on account uses a perpetual system and comprises a

A: Here is the Answer:

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: A perpetual inventory system will always give updated balances for: Goods Available for Sale and…

A: Perpetual inventory system is a type of inventory system in which all transactions related to…

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

A: Option a.

Q: Under the periodic inventory system, the journal entry to record the purchase of merchandise…

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

Q: The type of transaction that would appear in sales journal would be a sale of

A: Sales Journal is a daybook to record the sales on credit to customers

Q: 3.Which of the following transactions would not result in an adjustment to the inventory account…

A: Perpetual inventory system is the one in which the record relating to the inventory is to be…

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: 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…

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.…

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