Identify the accounts that are added to or deducted from Purchases in a periodic system to determine
Question:
Identify the accounts that are added to or deducted from Purchases in a periodic system to determine the cost of goods purchased. For each account, indicate whether it is added or deducted.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
Accounts that are deducted from purchases i Purchase ...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Business questions
-
Identify the accounts that are added to or deducted from purchases to determine the cost of goods purchased under a periodic system. For each account, indicate (a) Whether it is added or deducted,...
-
The following are some of the terms discussed in the chapter: 1. Gross profit 2. Perpetual inventory system 3. Cost of goods sold 4. Purchase returns 5. Freight out 6. FOB shipping point 7. Periodic...
-
Determine the merchandise lost by fire, assuming: (a) A beginning inventory of $20,000 and a gross profit rate of 40% on net sales. (b) A beginning inventory of $30,000 and a gross profit rate of 32%...
-
A restaurant records the following data over a month for its food: Opening inventory: $31,000 Purchases: $88,000 Closing Inventory: $28,000 Transfers in: $800 Transfers out: $200 Employee meals:...
-
U.K. Prime Minister David Cameron on Monday warned that time was short for eurozone leaders bidding to solve a debt crisis. Cameron called on Germany to accept the collective responsibility of the...
-
A space station is shaped like a ring and rotates to simulate gravity. If the radius of the space station is 120 m, at what frequency must it rotate so that it simulates Earth's gravity?
-
Major Co. has five employees, each of whom earns $2,500 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $94,200 paid to each employee, and FICA...
-
Herold transfers Blackacre to Maude in exchange for Whiteacre and $125,000 in cash. The two parcels of land have the following tax attributes: Assuming these properties are held as an investment for...
-
Please answer all parts thank you Required information (The following information applies to the questions displayed below.) Gipps Business College (GBC) has two degree programs, undergraduate (UG)...
-
In a certain city, 30% of the families have a MasterCard, 20% have an American Express card, and 25% have a Visa card. Eight percent of the families have both a MasterCard and an American Express...
-
On July 15, a company purchases on account goods costing $3,000 with credit terms of 2/ 10, n/ 30. On July 18, the company receives a $200 credit memo from the supplier for damaged goods. Give the...
-
What title does Apple use for gross profit? By how much did its 2019 gross profit change, and in what direction, when compared to 2018?
-
On 1 May 2022, a close company which prepares accounts to 31 March each year lends 30,000 to Ravi, who is one of its directors. No interest is charged on this loan. Ravi owns 18% of the company's...
-
As shown on the attached chart, what is the approximate current 7-year spread premium for Kellogg Bonds? 25 Basis Points 75 Basis Points 200 Basis Points AUS Treasury Actives Curve X-ads Tenor...
-
A pharmaceutical company claims to have invented a new pill to aid weight loss. They claim that people taking these pills will lose more weight than people not taking them. A total of twenty people...
-
Let U = {a, b, c, d, e, f} be the universal set and let A = {a, b, c, d, e, f}. Write the set A. Remember to use correct set notation. Provide your answer below: A=
-
Produce a poster series of three (3) A3 sized posters on creativity in the early years. As a collective the poster series must articulate the importance of aesthetics and creativity for young...
-
Find the second derivative of the function. g(x) = ex In(x) g"(x) = Need Help? Read It
-
Evaluate the integral. [ ( + 2)( 3) du
-
Assessing simultaneous changes in CVP relationships Braun Corporation sells hammocks; variable costs are $75 each, and the hammocks are sold for $125 each. Braun incurs $240,000 of fixed operating...
-
Discuss at least two items that are important to the value of companies like Intel or IBM but that are not recorded in their balance sheets. What are some reasons why these items are not recorded in...
-
How does separating current assets from property, plant, and equipment in the balance sheet help analysts?
-
Should available-for-sale securities always be reported as a current asset? Explain.
-
You borrowed $15,000 for buying a new car from a bank at an interest rate of 12% compounded monthly. This loan will be repaid in 48 equal monthly installments over four years. Immediately after the...
-
Discuss how debt restructuring, settlement, or modification works. Discuss the journal entries for debtor and creditor
-
Could CNL be a viable business? If so, under what conditions and what level of production (and, since production is directly related to production workers, employees)? All information provided for...
Study smarter with the SolutionInn App