Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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- What is a perpetual inventory accounting system? What journal entries are involved?arrow_forwardWhich of the following accounts are used when recording a purchase using a periodic inventory system? A. cash, purchases B. accounts payable, sales C. accounts payable, accounts receivable D. cash, merchandise inventoryarrow_forwardRules 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:arrow_forward
- Why is it necessary to adjust the Merchandise Inventory account under a periodic inventory system?arrow_forwardUnder the perpetual inventory system, how does the seller record sales made on account?arrow_forwardUnder the periodic inventory system, the ending inventory is entered by debiting Merchandise Inventory and crediting Income Summary.arrow_forward
- Using the perpetual inventory system, what account is debited when a business finds that its physical count of inventory is greater than the recorded amount?arrow_forwardWhich of the following accounts are used when recording a purchase? A. cash, merchandise inventory B. accounts payable, merchandise inventory C. A or B D. cash, accounts payablearrow_forwardUsing the partial work sheet provided below, prepare the adjusting entries for merchandise inventory.arrow_forward
- How long does it take an inventory error affecting ending inventory to correct itself in the financial statements? Explain.arrow_forwardOn which financial statement would the merchandise inventory account appear? A. balance sheet B. income statement C. both balance sheet and income statement D. neither balance sheet nor income statementarrow_forward
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