Utilize Set 2 from the following PDF to answer this question http://lessons.pennfoster edu/pdf/061006_Exam_Tables pdf 4. Which one of the following statements is true for the ending inventory balance? A. It will appear as a debit in the Adjusted, Trial Balance column. B. It will appear as a credit in the Balance Sheet column. OC. It will appear as a credit in the Income Statement column. OD. It will appear as a debit in the Trial Balance column. Mark for review (Will be highlighted on the review page)

Utilize Set 2 from the following PDF to answer this question http://lessons.pennfoster edu/pdf/061006_Exam_Tables pdf 4. Which one of the following statements is true for the ending inventory balance? A. It will appear as a debit in the Adjusted, Trial Balance column. B. It will appear as a credit in the Balance Sheet column. OC. It will appear as a credit in the Income Statement column. OD. It will appear as a debit in the Trial Balance column. Mark for review (Will be highlighted on the review page)

Name: Select the best answer for the question.Utilize Set 2 from the follow
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Description: Select the best answer for the question.Utilize Set 2 from the following PDF to answer this question: http://lessons.pennfoster edu/pdf/061006_Exam_Tables.pdf4. Which one of the following statements is true for the ending inventory balance?*.O A. It

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 11MC: Which of the following describes features of a perpetual inventory system? A. Technology is normally...

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Which of the following describes features of a perpetual inventory system? A. Technology is normally used to record inventory changes. B. Merchandise bought is recorded as purchases. C. An adjusting journal entry is required at year end, to match physical counts to the asset account. D. Inventory is updated at the end of the period.
Rules of debit and credit for periodic inventory accounts Complete the following table by indicating for A through G whether the proper answer is debit or credit:
At the end of the accounting period, the correct entry in the general journal to adjust for beginning inventory is to a. debit the Capital account and credit a revenue account. b. debit Income Summary and credit Merchandise Inventory. c. debit Merchandise Inventory and credit Sales. d. debit Purchases and credit Merchandise Inventory.
1. When recording the closing entries, the bookkeeper performs the following, except a. Credit the owner's drawing account b. Credit the balances of the expense accounts c. Credit the owner's capital account for the net income d. Debit the balances of the revenue accounts 2. The physical counting of inventory is needed in order to determine the inventory on hand and cost of goods sold in this inventory system I. Periodic inventory system II. Perpetual inventory system a. I only b. II only c. Both I and II d. Neither I nor II 3. A sole proprietor rendered services to a client for 50,000, receiving $20,000 cash and the balance To be paid in 30 days. This transaction results to: a. Increase in assets for 20,000; Increase in capital for $20,000 b. Increase in Asset for 50,000; increase in capital for 50,000 for the revenue earned. c. Total assets increased by 50,000; Total liabilities increase by 50,000 d. Increase in Asset for $20,000; decrease in liabilities for $30,000; Increase in…
Under the periodic inventory system, which of the following is a correct closing entry? A) Income summary, debit; Sales, credit B) Income summary, credit; Sales Returns and Allowances, debit C) Income Summary, debit; Merchandise Inventory (beginning), credit D) Purchases, debit, Income Summary, credit
On the work sheet, ending merchandise inventory will appear on the a. debit side of the Income Statement column. b. credit side of the Balance Sheet column. c. credit side of the Trial Balance column. d. debit side of the Balance Sheet column. e. credit side of the Adjustments column.
need to enter the beginning balances in the summary and record the April transactions using a perpetual inventory system. include margin explanations for the changes in revenues and expenses please answer in text with workings and steps
Assume that a perpetual inventory system using the NET METHOD is in use. Which of the following statements regarding the journal entries prepared is correct? A) When a customer returns inventory, the seller debits Customer Refunds Payable. B) Shipping costs associated with sales with terms FOB, destination should be included in Cost of Merchandise Inventory. C) When a company receives payment from a customer for a sale, Cash is debited and Accounts Payable is credited. D) When a company sells merchandise with terms 2/10, n 30, the company will credit Merchandise Inventory for the amount of the discount of 2 percent of sales. Why is the answer A and not D?
Which of the following are characteristics of a perpetual inventory system? (a). Management knows how much inventory is on hand at all times. (b). Purchases of inventory are recorded to the inventory account. (c). The computer tracks inventory upon a sale and the cost of goods and inventory are immediately updated. (d). All of these.
Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31? a. P59,000 b. P57,000 c. P61,600 d. P60,210
Enumerate the data and their type that you can identify or infer from the following application areas. 1. Inventory System of XYZ Wholesale Corporation. The company keeps track of pertinent information regarding all the items in stock through its computerized inventory system. This system enables the company to determine in a few keystrokes and at any time the quantity or stock level or every item. It allows XYZ to set the reorder level and reorder quantity each time such that when the stock level falls below the critical level, the item is automatically reordered from its supplier. The preparation of the purchase order is also automated because the supplier and its address, the reorder quantity, the unit cost, and the description of the item are all available on the computer. When an item in stock is replenished (supplied) or diminished(sold), its inventory and its potential profit margin because the unit selling price aside from the unit acquisition cost of each item is also stored…
Which of the following entries would be made to record the purchase of inventory on account, if a company uses the perpetual inventory system? A. a debit to Purchases and a credit to Accounts Payable B. a debit to Accounts Payable and a credit to Merchandise Inventory C. a debit to Merchandise Inventory and a credit to Accounts Payable D. a debit to Accounts Payable and a credit to Purchases