The proper journal entry to record the receipt of inventory purchased on account in a periodic inventory system would beOa. Jan. 1 PurchasesAccounts Receivable1,6001,600Ob. Jan. 1 Merchandise Inventory1,600Accounts PayableOc. Jan. 1 PurchasesAccounts PayableOd. Jan. 1 Office SuppliesAccounts Payable1,6001,6001,6001,6001,600

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

Answered: The proper journal entry to record the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 24MC: Which of the following accounts are used when recording a purchase using a periodic inventory...

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Under the periodic inventory system, the ending inventory is entered by debiting Merchandise Inventory and crediting Income Summary.
Which 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 inventory
Beginning inventory, purchases, and sales for Item Widget are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31.
Record the following transactions in general journal form using the periodic inventory system:
Beginning inventory, purchases, and sales for Item Delta are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31.
Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory.
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.
Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.
DETERMINING THE BEGINNING AND ENDING INVENTORY FROM A PARTIAL WORK SHEET: PERIODIC INVENTORY SYSTEM From the following partial work sheet, indicate the dollar amount of beginning and ending merchandise inventory:
Assume that the business in Exercise 7-9 maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3.
Assume that the business in Exercise 7-9 maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4.
( Appendix 6A) Recording Purchase and Sales Transactions Refer to the information for Raymond Company in Brief Exercise 6-34 and assume that the company uses the periodic inventory system. Required: Prepare the journal entries to record these transactions on the books of Raymond Company.

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