A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $200 to the vendor. The journal entry to record these returns would be:

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

A: Under the perpetual inventory system, purchases and sales are continuously updated to the inventory.

Q: Max Company has chosen to use an allowance account. When the cost of goods sold method is used with…

A: Full form of NRV is Net Realizable Value.

Q: The following were selected from among the transactions completed by Babcock Company during November…

A: The Net method for recording purchase transactions, assumes that the buyer takes advantage of the…

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: The entry to record inventory shrinkage under a perpetual inventory system would include a debit to:…

A: Explanation: When There is Inventory shrinkage Under the perpetual inventory system The following…

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: receivable from the customer in transaction b. . Following the taking of a physical inventory at…

A: Income statement is a statement which records the revenue and expenses of an undertaking for a…

Q: Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing…

A: LIFO:LIFO stands for land in, first out. It is inventory valuation method in which the latest…

Q: the inventory system employing accounting records that continuously disclose the amount of inventory…

A: For the purpose of cost accounting in business, records are being kept for each and every category…

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: The Rock Shop shows the following data related to an item of inventory: Inventory, January 1…

A: Periodic and perpetual are two type of inventory system, inventory under periodic inventory system…

Q: Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company…

A: Periodic inventory is a system of inventory valuation where the business’s inventory and cost of…

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: e entry to record the return of $250 of inventory to a supplier under the perpetual inventory system…

A: Solution: The entry to record the return of $250 of inventory to a supplier under the perpetual…

Q: The proper journal entry to record the receipt of inventory purchased on account in a periodic…

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

Q: The journal entry to record the return of inventory purchased on credit under a periodic inventory…

A: One of the main feature of periodic system of inventory is all the adjustments are made at end of…

Q: 1. Under the perpetual inventory system, in addition to making the entry to record a sales return, a…

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

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

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

Q: When using the perpetual inventory, which of the entry or entries correctly record(s) the journal…

A: The correct answer is: Explanation: Under net invoice method, the company will record the invoice…

Q: Listed below are several terms and phrases associated with inventory measurement. Pair each item…

A: FIFO : First-in-first-out LIFO : Last-in-first-out Gross method : The sales / purchases are recorded…

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: A company using a perpetual inventory system that returns goods previously purchased on credit would…

A: What is perpetual inventory system? It is a system which record the changes in inventory(purchased…

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: The transactions that follow took place under the perpetual inventory system. Record each…

A: Ledgers are the accounts prepared by a business to prepare the financial statements and contains as…

Q: 5. Shown below are selected transactions of alpha store that uses a perpetual inventory system. a)…

A: A perpetual inventory system could be a methodology of inventory management that records a period of…

Q: The inventory system in which merchandise is physically counted at least once a year to determine…

A: The system in which physical count of inventory is undertaken to value the ending inventory , cost…

Q: The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each…

A:

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

A: As per perpetual inventory system, merchandise inventory account is used instead of purchase…

Q: Under the periodic inventory system, the entry to record a purchase of P60,000, with terms 2/10.…

A: A periodic inventory system refers to accounting for purchases and sales directly in books and…

Q: Under periodic inventory system, at the time of sale of inventory the journal entry for cost of…

A: Periodic Inventory System Basically there are two types of inventory system are there.  One is…

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: 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: Presented below are transactions related to Sheridan, Inc. Sheridan uses the periodic inventory…

A: CASH DISCOUNT IS THE DEDUCTION GIVEN BY THE SELLER OF THE GOODS OR PROVIDER OF SERVICES TO ENCOURAGE…

Q: lled at $11,500 subject to cash discount terms of 2/10, n/60. 11 Purchased goods billed at…

A: Journal entries are the initial recording of all the monetary business transactions in a…

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: 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 Esquire Company employs a periodic inventory system. Indicate the effect (increase or decrease)…

A: Periodic Inventory System: Under this system, the balance of the merchandise inventory is not…

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: The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and…

A: Inventory: Inventory means to stock it may be raw materials, work-in-process or finished goods Goods…

Q: What are the two journal entries involved when recording the sale of inventory when using the…

A: Perpetual inventory system refers to the inventory system that maintains the detailed records of…

Q: Which of the following statements is true for a company that uses a periodic inventory system?…

A: Only inventory account is used for all the inventory transactions in the perpetual inventory system.…