29 Jun Question 1. The Inventory account appears o
Question
1. The Inventory account appears on the:
A) balance sheet.
B) statement of retained earnings.
C) income statement.
D) list of liabilities
2. 2. When merchandise is purchased on account under the perpetual inventory system, the journal entry is:
A) debit Purchases and credit Accounts Payable.
B) debit Accounts Payable and credit Inventory.
C) debit Inventory and credit Accounts Payable.
D) debit Accounts Payable and credit Purchases
3. Under the perpetual inventory method, the account to which purchased goods are recorded is:
A) Purchases as a credit.
B) Inventory as a debit.
C) Cost of Goods Sold as a debit.
D) Purchases as a debit.
4. The account in which the revenue earned from the sale of merchandise is entered is:
A) Retained earnings.
B) Sales.
C) Cash.
D) Inventory.
5. When a retailer sells merchandise on account, the general entry for the sale would be:
A) debiting Accounts Receivable and crediting Sales.
B) debiting Accounts Receivable and crediting Inventory.
C) debiting Accounts Receivable and crediting Cost of Goods Sold.
D) debiting Cost of Goods Sold and crediting Sales
6. The entry to record the company’s cost of selling merchandise under a perpetual inventory system would be a:
A) debit to Accounts Receivable and a credit to Sales.
B) debit to Inventory and a credit to Cost of Goods Sold.
C) debit to Cost of Goods Sold and a credit to Inventory.
D) debit to Cost of Goods Sold and a credit to Sales.
7. Alpha Company received an invoice from Beta Company for $5,550 with terms of 3/10, n/45 on March 8. If Alpha pays the bill on March 15, they will credit inventory under a perpetual inventory system for:
A) $ 0.
B) $ 555.00
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.