Under a periodic inventory system, which of the following journal entries are booked at the time goods

Question:

Under a periodic inventory system, which of the following journal entries are booked at the time goods with a purchase price of $200 are sold to the customer for $500:

a. Dr. Purchases $500
Cr. Sales $500

b. Dr. A/R $500
Cr. Inventory $500

c. Dr. A/R $500
Cr. Sales $500

d. Dr. A/R $500
Cr. Sales $500

e. Dr. Inventory $200
Cr. Cost of Goods Sold $200

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

See More Books

Question Posted: Dec 12, 2019 01:51 PM

See More Questions

1. What principle or assumption results in the use of lower-of-cost-or-market? a. Historical cost b. Conservatism c. Going concern d. Materiality 2. Under the lower-of-cost-or-market rule, an...
Inventory Costing MethodsPeriodic System Following is an inventory acquisition schedule for Weaver Corp. for 2010: During the year, Weaver sold 12,500 units at $12 each. All expenses except cost of...
Following is an inventory acquisition schedule for Fees Corp. for 2010: Required 1. Compute cost of goods sold and ending inventory under each of the following three methods assuming a periodic...
Q1. A 10-kg uniform rod ABC is connected to two collars of negligible mass which slide on horizontal, frictionless rods located in the same vertical plane. If a force P of magnitude 50 N is applied...
Consider a distributed system with two sites,AandB.Considerwhether site A can distinguish among the following: a. B goes down. b. The link between A and B goes down. c. B is extremely overloaded and...
Would this be different in other types of organizations, e.g. a high-tech organization?
Who should be involved in IT strategic planning, and at what point should you involve them?
BK Books is an online book retailer that also has 10,000 bricks and mortar outlets worldwide. You are a risk-neutral manager within the Corporate Finance Division and are in dire need of a new...
Question3 (17 marks) Auto Repairs Ltd has prepared the following budgeted figures for its Maintenance Department for the month of May 2018: Hours 3000 5000 Costs N$ N$ Power 40 000 46 000 Direct...
A manufacturer has two different factories that produce three grades of steel: structural steel, rail steel, and pipe steel. They must produce 32 tons of structural, 26 tons of rail, and 30 tons of...
Information from the unadjusted trial balance of Electric Bike on December 31, 2020, the end of the annual accounting period, is as follows: Required 1. Record adjusting entries for the following...
You have just graduated with a business diploma in management and have been hired as the inventory manager for a local sporting goods store. Your first task is to review and assess the following...
You designed the new database for City Jail. Now you need to create all the tables for the database. First, create all the tables using the information outlined in Section A. Second, make the...
a) Provide a brief background of the Honda Motor company and industry, then identify a current ethical issue that has an effect on the industry that the Honda Motor company is operating in. 1b)...
If you own, did you consider leasing? If yes, why did you choose a purchase over a lease? If you lease, why did you go with a lease? List the specific advantages you feel you gained by leasing. If...
If 5 people worked in a process for 8 hours, which included a 0.5 hour break, and they produced 900 units. What was the worker hours per unit? from below: 2.7 minutes 24 minutes 2.5 minutes 22.5...
12. Access the following PIDS using the scan tool and verify current input signal status and record the status below? PIDS APP1 APP2 ECT IAT MAF RPM TP1 TP2 VSS Signal Status WSM Specifications
With Twitter being on the verge of bankruptcy and undergoing mass resignation, what are some creative and relative directions managers of the social media platform could take to improve the brand?
If the resultant couple of the three couples acting on the triangular block is to be zero, determine the magnitude of forces F and P. -F F 150 N B 300 mm 500 mm 600 mm 150 N -P -400 mm
The maximum pressure that can be developed for a certain fluid power cylinder is 15.0 MPa. Compute the required diameter for the piston if the cylinder must exert a force of 30 kN.
Given the characteristics of useful accounting information, complete each of the following statements. (a) For information to be _____, it should have predictive and confirmatory value. (b) _____ is...
Given the characteristics of useful accounting information, complete each of the following statements. (a) For information to be _____, it should have predictive and confirmatory value. (b) _____ is...
Here are some qualitative characteristics of useful accounting information: 1. Predictive value 2. Neutral 3. Verifiable 4. Timely Match each qualitative characteristic to one of the following...
Where are the buyers/sellers obligations listed? (Uniform Commercial Code)
QUESTION 4 a. Explain what is meant by GAAP Board. (5 marks) b. Describe the key components of the IASB Framework. (5 marks) c. Identify the four main financial statements and explain the purpose of...
Determine the equal, end of period , annual worth of a process which will involve an initial outlay of $70000 followed by costs of $9000 at the end of year1 and amounts increasing by $1500 per year...

Under a periodic inventory system, which of the following journal entries are booked at the time goods

Question:

Step by Step Answer:

c Dr...View the full answer

Fundamental Accounting Principles Volume I

Related Video

Students also viewed these Business questions