Homework Answers
| 7) | option c | ||||
| increase retained earnings by $20,000 | |||||
| 8) | option d | ||||
| none of the above would occur | |||||
| 9) | option c | ||||
| Debit inventory and credit cash | |||||
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7. Betts & Bogart, Inc. sold inventory for $78,000 cash that had cost them $58,000. Assuming...
1) ABC Company’s December 31, 2017 inventory value was reported $ 500,000. The physical inventory count...
1) ABC Company’s December 31, 2017 inventory value was reported $ 500,000. The physical inventory count value was $ 475,000. The adjusting entry required to record the discrepancy was: A) Debit Cost of Goods Sold $ 25,000 and credit inventory $ 25,000 B) Debit inventory $ 25,000 and credit Cost of Goods Sold $ 25,000 C) Can’t be determined D) Debit Cost of Goods Sold $ 12,500 and credit inventory $ 12,500 2) Credit terms of 1/10 n/30 indicates that...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts Payable B) Purchase Returns and Allowances C) Inventory D) Purchases 6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization C. Sales Returns and Allowances D. Sales Discounts 7) To calculate the gross margin percentage, A. Divide net sales by net income B. Divide current assets by current liabilities C. Divide total liabilities by total assets D. Divide...
13.Beeler Company paid $1,250 cash on freight for inventory purchased from Taylor Inc. What is the...
13.Beeler Company paid $1,250 cash on freight for inventory purchased from Taylor Inc. What is the journal entry Beeler Co. should record for the freight costs if the goods were shipped FOB Shipping Point? A Debit Inventory, Credit Cash B. Debit Inventory, Credit Transportation Revenue Debit Transportation Out Expense, Credit Cash Debit Transportation Out Expense, Credit Cost of Goods Sold E. No entry is needed by Beeler Co. 14. Alfa company returns merchandise previously purchased on account. Alfa didn't pay...
sales returns and allowances and sales discounts are EX5#13: Mack's Corporation, uses a perpetual inventory system,...
sales returns and allowances and sales discounts are
EX5#13: Mack's Corporation, uses a perpetual inventory system, it purchased on account $2,000 of merchandise on July 5. Credit terms are 2/10, n/30. It returned $400 of the merchandise on July 9. When Mack's pays its bill on August 5, the journal entry will require A. Debit to Accounts Payable for $2000. B. Credit to Accounts Payable for $1600. c. Credit to Cash for $1600. D. Credit to Cash for $1568. 20...
2. Match the following: (10 Marks) 1. An increase in long-lived assets using cash 2. A...
2. Match the following: (10 Marks) 1. An increase in long-lived assets using cash 2. A decrease in current liabilities 3. A decrease in inventories purchased with cash 4. Sale of common shares to investors 5. A sale of merchandise on account to a good customer 6. The purchase of office supplies on account 7. Recognition of cost of goods sold in a perpetual inventory system 8. A contra asset account 9. A short term loan 10. A decrease in...
5. Gruber & Moore, Inc. properly recorded the purchase of $5,000 of inventory with terms 2/10,...
5. Gruber & Moore, Inc. properly recorded the purchase of $5,000 of inventory with terms 2/10, n/30 on June 1st. The company paid cash for the goods on June 7th and earned the offered discount. How would the company record the June 7th cash payment in their accounting records assuming use of the perpetual inventory method? a. Debit accounts payable for $5,000, credit cash for $4,900 and credit inventory $100. b. Credit accounts payable for $5,000 and debit cash for...
North Texas Inc. started 2018 with $100,000 of merchandise inventory on hand. During 2018, $600,000 in...
North Texas Inc. started 2018 with $100,000 of merchandise inventory on hand. During 2018, $600,000 in merchandise was purchased on account with credit terms of 2/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. North Texas paid freight charges of $8400. Merchandise with an invoice amount of $5000 was returned for credit. Cost of goods sold for the year was $369,000. North Texas uses a perpetual inventory system. Assuming North Texas uses the gross method to...
On December 1, 2022, Windsor, Inc. had the account balances shown below. Debits Cash Credits Accumulated...
On December 1, 2022, Windsor, Inc. had the account balances shown below. Debits Cash Credits Accumulated Depreciation-Equipment Accounts Payable $1,620 Accounts Receivable Inventory (2,700 x $0.60) Equipment 3,280 $4,850 4,050 1.620 19,000 $29,520 Common Stock Retained Earnings 9.000 15,620 $29,520 The following transactions occurred during December. Dec. 3 Purchased 3.700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on account for $0.80 per unit. (It sold 2,700 of the $0.60...
EX#2 - Glossary: Define an inventory system in which the company does not maintain detailed records...
EX#2 - Glossary: Define an inventory system in which the company does not maintain detailed records of goods on hand throughout the accounting period and determines cost of goods sold only at the end of the accounting period. A Perpetual inventory system Periodic inventory system Just-in-Time Inventory System 0. Specific Identification Inventory Method TEXA2-Glossary: A perpetual inventory System Als updated each time an Her is purchase and updates cost of goods sold. B. Uses optical scanners and bar codes to...
On July 14, 2018, Salem Food Wholesale, Inc., sold $2,700 of inventory (cost is $1.050) on...
On July 14, 2018, Salem Food Wholesale, Inc., sold $2,700 of inventory (cost is $1.050) on account to one of its customers. The terms were 2/10,n/30, FOB destination. On July 16, Salem Food Wholesale, Inc., paid freight charges of $115 related to the delivery of the goods sold on July 14. On July 20, 5800 of goods (cost Is 5285) were returned by the customer. On July 23, Salem Food Wholesale, Inc. received payment in full from the customer Read...
13.Beeler Company paid $1,250 cash on freight for inventory purchased from Taylor Inc. What is the journal entry Beeler Co. should record for the freight costs if the goods were shipped FOB Shipping Point? A Debit Inventory, Credit Cash B. Debit Inventory, Credit Transportation Revenue Debit Transportation Out Expense, Credit Cash Debit Transportation Out Expense, Credit Cost of Goods Sold E. No entry is needed by Beeler Co. 14. Alfa company returns merchandise previously purchased on account. Alfa didn't pay...
sales returns and allowances and sales discounts are
EX5#13: Mack's Corporation, uses a perpetual inventory system, it purchased on account $2,000 of merchandise on July 5. Credit terms are 2/10, n/30. It returned $400 of the merchandise on July 9. When Mack's pays its bill on August 5, the journal entry will require A. Debit to Accounts Payable for $2000. B. Credit to Accounts Payable for $1600. c. Credit to Cash for $1600. D. Credit to Cash for $1568. 20...
2. Match the following: (10 Marks) 1. An increase in long-lived assets using cash 2. A decrease in current liabilities 3. A decrease in inventories purchased with cash 4. Sale of common shares to investors 5. A sale of merchandise on account to a good customer 6. The purchase of office supplies on account 7. Recognition of cost of goods sold in a perpetual inventory system 8. A contra asset account 9. A short term loan 10. A decrease in...
5. Gruber & Moore, Inc. properly recorded the purchase of $5,000 of inventory with terms 2/10, n/30 on June 1st. The company paid cash for the goods on June 7th and earned the offered discount. How would the company record the June 7th cash payment in their accounting records assuming use of the perpetual inventory method? a. Debit accounts payable for $5,000, credit cash for $4,900 and credit inventory $100. b. Credit accounts payable for $5,000 and debit cash for...
On December 1, 2022, Windsor, Inc. had the account balances shown below. Debits Cash Credits Accumulated Depreciation-Equipment Accounts Payable $1,620 Accounts Receivable Inventory (2,700 x $0.60) Equipment 3,280 $4,850 4,050 1.620 19,000 $29,520 Common Stock Retained Earnings 9.000 15,620 $29,520 The following transactions occurred during December. Dec. 3 Purchased 3.700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on account for $0.80 per unit. (It sold 2,700 of the $0.60...
EX#2 - Glossary: Define an inventory system in which the company does not maintain detailed records of goods on hand throughout the accounting period and determines cost of goods sold only at the end of the accounting period. A Perpetual inventory system Periodic inventory system Just-in-Time Inventory System 0. Specific Identification Inventory Method TEXA2-Glossary: A perpetual inventory System Als updated each time an Her is purchase and updates cost of goods sold. B. Uses optical scanners and bar codes to...
On July 14, 2018, Salem Food Wholesale, Inc., sold $2,700 of inventory (cost is $1.050) on account to one of its customers. The terms were 2/10,n/30, FOB destination. On July 16, Salem Food Wholesale, Inc., paid freight charges of $115 related to the delivery of the goods sold on July 14. On July 20, 5800 of goods (cost Is 5285) were returned by the customer. On July 23, Salem Food Wholesale, Inc. received payment in full from the customer Read...
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