The journal entry for the purchase of inventory on account using the periodic inventory system is Date
Question:
The journal entry for the purchase of inventory on account using the periodic inventory system is
Transcribed Image Text:
Date a. Purchases b. Accounts and Explanation d. Accounts Receivable Accounts Payable Merchandise Inventory C. Merchandise Inventory Accounts Payable Purchases Accounts Payable Debit XXX XXX XXX XXX Credit XXX XXX XXX XXX
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
In the periodic inventory system the purchase of inventory on account meaning the business will pay ...View the full answer
Answered By
Susan Juma
I'm available and reachable 24/7. I have high experience in helping students with their assignments, proposals, and dissertations. Most importantly, I'm a professional accountant and I can handle all kinds of accounting and finance problems.
4.40+
15+ Reviews
45+ Question Solved
Related Book For
Horngrens Financial And Managerial Accounting The Managerial Chapters
ISBN: 9781292412337
7th Global Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura
Question Posted:
Students also viewed these Business questions
-
visual basic vb.net local windows , for beggener not the one that has all the complicated codes "" i have a list box and data grid view , tthe list box has names , when the user choose a name the...
-
Mr. and Mrs. Gresko started Gresko Toys in the early 1 960s. Initially, the company was small and few toys were produced. The talent and skills of Mr. Gresko were by far the major assets of the...
-
Major Project - Andrew Best - Best Business Solutions Incorporated (BBSI) Andrew Best was a very inquisitive child growing up. He was a great student in school and always asked a lot of questions....
-
The file CigaretteTax contains the state cigarette tax ($) for each state as of January 1, 2013. a. Construct an ordered array. b. Plot a percentage histogram. c. What conclusions can you reach about...
-
Reconsider Prob. 1784E Using EES (or other) software, study the effects of both air and helium flowing steadily in a nozzle when there is a normal shock at a Mach number in the range 2 < Ma1 < 3.5....
-
Why is a global presence particularly important for Lonely Planet? LO.1
-
E2.6. Violations of the Matching Principle (Easy) Generally accepted accounting principles (GAAP) notionally follow the matching princi- ple. However, there are exceptions. Explain why the following...
-
Use transaction analysis to determine the effects of each of the following transactions in the general fund. 1. Salaries paid totaled $30,000. Additional salaries incurred, but not paid, totaled...
-
Stupper Corporation manufactures two products; data are shown in the attachment. If Stupper's monthly fixed costs average $200,000, what is its break-even point expressed in sales dollars
-
Bayerische Motoren Werke was founded in 1916, in the middle of the First World War. The company's purpose at that time was to manufacture military aircraft engines: its Illa engine was known for good...
-
League Automobiles sold an automobile for $24,000 on account. The cost of the automobile was $13,440. The sale of the automobile came with one year of free oil changes valued at $360. What would be...
-
Which of the following statements is not true about capital account? (a) It is a representative personal account. (b) It is a liability for business enterprise. (c) It is a real account. (d) None of...
-
The Tokyo Olympics. After watching how the tokyo olympics became the most expensive summer game ever video answer the following questions. Q 3 : As you saw in the video, the capital investment a city...
-
write at least two paragraphs discussing the experiences of individuals who identify outside the traditional binary gender system (male/female.) Please explore the challenges they face and how...
-
Newly formed S&J Iron Corporation has 163,000 shares of $5 par common stock authorized. On March 1, Year 1, S&J Iron issued 9,000 shares of the stock for $12 per share. On May 2, the company issued...
-
Use the SMOKE for this question. The variable cigs is the number of cigarettes smoked per day. How many people in the sample do not smoke at all? What fraction of people claim to smoke 20 cigarettes...
-
Transcribed image text : Reproduced below from Farthington Supply's accounting records is the accounts receivable subledger along with selected general ledger accounts. Dec. 31/19 Balance Credit...
-
A piston-cylinder device contains a mixture of 0.8 kg of H2 and 1.2 kg of N2 at 100 kPa and 300 K. Heat is now transferred to the mixture at constant pressure until the volume is doubled. Assuming...
-
San Carlos Bank and Trust Company uses a credit-scoring system to evaluate most consumer loans that amount to more than $2,500. The key factors used in its scoring system are found at the conclusion...
-
Would promotion be successful in expanding the general demand for: ( a ) almonds, ( b ) air travel, ( c ) golf clubs, ( d ) walking shoes, ( e ) high-octane unleaded gasoline, ( f ) single-serving,...
-
Explain how an understanding of the adoption process would help you develop a promotion blend for digital tape recorders, a new consumer electronics product that produces high-quality recordings....
-
Explain how opinion leaders affect a firms promotion planning.
-
You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company...
-
Brief Exercise 10-6 Flint Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $327,600. The estimated fair values of the assets are land $62,400, building...
-
"faithful respresentation" is the overriding principle that should be followed in ones prepaparation of IFRS-based financial statement. what is it? explain it fully quoting IAS. how this this...
Study smarter with the SolutionInn App