Question

In: Accounting

Question 8 Using a perpetual inventory system, Ace Co. sells some inventory FOB destination. Which account...

Question 8

Using a perpetual inventory system, Ace Co. sells some inventory FOB destination. Which account would Ace Co. record the freight charges?

Freight would not be charged to ACE Co – account not required

Freight out

Merchandise Inventory

Cost of Goods Sold

Question 9

If a company lists Merchandise Inventory as $201,000 on its trial balance, but the physical count determines the actual value of inventory on hand is $199,000, the adjusting entry will include:

a credit to Merchandise Inventory for $191,000

a credit to Merchandise Inventory for $2,000

a debit to Merchandise Inventory for $189,000

a debit to Merchandise Inventory for $2,000

Question 10

Which of the following accounts is not closed to Income Summary?

Cost of Goods Sold

Sales Discounts

Sales

Merchandise Inventory

Solutions

Expert Solution

ekkarill92 answered 3 years ago
Next > < Previous

Related Solutions

A company using the perpetual inventory system purchased inventory worth $ 540 000 on account with...
A company using the perpetual inventory system purchased inventory worth $ 540 000 on account with credit terms of 2​/15, ​n/45. Defective inventory of $ 50 000 was returned 3 days​ later, and the accounts were appropriately adjusted. If the company paid the invoice 25 days​ later, the journal entry to record the payment would be​ ________. a. 540,000 debit to accounts payable and $540,000 credit to cash b. 540,000debit to accounts payable , $540,200 credit to cash and $9,800...
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances...
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: 110 Cash $ 83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 624,400 116 Estimated Returns Inventory 28,000 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation-Store Equipment 56,700 210 Accounts Payable 96,600 211 Customers Refunds Payable 50,000 212 Salaries Payable — 310 Lynn...
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances...
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2018, are as follows: Assume all accounts have normal balances. 110 Cash $ 83,600 112 Accounts receivable 233,900 115 Inventory 624,400 116 Estimated returns inventory 28,000 117 Prepaid insurance 16,800 118 Store supplies 11,400 123 Store equipment 569,500 124 Accumulated depreciation-store equipment 56,700 210 Accounts payable 96,600 211 Salaries payable — 212 Customers refunds payable 50,000...
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances...
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2016 (unless otherwise indicated), are as follows: 110 Cash $ 83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 624,400 116 Estimated Returns Inventory 28,000 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation-Store Equipment 56,700 210 Accounts Payable 96,600 211 Salaries Payable — 212 Customers Refunds Payable 50,000 310 Lynn...
Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances...
Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows. Assume all accounts have normal balances. 110 Cash $83,600 312 Dividends $135,000 112 Accounts Receivable 233,900 410 Sales 5,069,000 115 Inventory 624,400 510 Cost of Goods Sold 2,823,000 116 Estimated Returns Inventory 28,000 520 Sales Salaries Expense 664,800 117 Prepaid Insurance 16,800 521 Advertising Expense 281,000 118 Store Supplies 11,400...
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances...
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: 110 Cash $ 83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 624,400 116 Estimated Returns Inventory 28,000 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation-Store Equipment 56,700 210 Accounts Payable 96,600 211 Customers Refunds Payable 50,000 212 Salaries Payable — 310 Lynn...
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances...
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: 110 Cash $ 83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 624,400 116 Estimated Returns Inventory 28,000 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation-Store Equipment 56,700 210 Accounts Payable 96,600 211 Customers Refunds Payable 50,000 212 Salaries Payable — 310 Lynn...
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances...
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2016 (unless otherwise indicated), are as follows: 110 Cash $ 83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 624,400 116 Estimated Returns Inventory 28,000 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation-Store Equipment 56,700 210 Accounts Payable 96,600 211 Salaries Payable — 212 Customers Refunds Payable 50,000 310 Lynn...
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances...
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: 110 Cash $ 83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 624,400 116 Estimated Returns Inventory 28,000 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation-Store Equipment 56,700 210 Accounts Payable 96,600 211 Customers Refunds Payable 50,000 212 Salaries Payable — 310 Lynn...
A company using a perpetual inventory system neglected to record a purchase of merchandise on account...
A company using a perpetual inventory system neglected to record a purchase of merchandise on account at year end. this merchandise was omitted from the year end physical count. how will these errors affect assets, liabilities, and stockholders equity at year end and net income for the year?
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT