Question
SPECIAL JOURNALS: In which journal is the cash purchase of merchandise inventory recorded? A. Cash Receipts B. General C. Purchases D. Sales E. None of
SPECIAL JOURNALS: In which journal is the cash purchase of merchandise inventory recorded?
| A. Cash Receipts | ||
| B. General | ||
| C. Purchases | ||
| D. Sales | ||
| E. None of the above |
INVENTORY METHODS: Co. E has the following units of beginning inventory and purchases for the year: beginning inventory 300 units at $40 each and a 2/28 Purchase 300 units at $50 each. Using the LIFO method, if the ending inventory is 200 units, what is the cost of the ending inventory?
| A. 10,000 | ||
| B. 8,000 | ||
| C. 6,000 | ||
| D. 4,000 | ||
| E. None of the above |
JOURNAL ENTRIES: Company X currently has a balance in Allowance for Bad Debts of $5,000. Company X's aging schedule indicates that the balance in the Allowance for Bad Debts should be $9,000. What is the adjusting journal entry to increase the balance in the Allowance for Bad Debts to $9,000?
| A. Dr. Bad Debts Expense 9,000; Cr. Allowance for Bad Debts 9,000 | ||
| B. Dr. Allowance for Bad Debts 9,000; Cr. Bad Debts Expense 9,000 | ||
| C. Dr. Allowance for Bad Debts 4,000 Cr. Bad Debts Expense 4000 | ||
| D. Dr. Bad Debts Expense 4,000; Cr. Allowance for Bad Debts 4,000 | ||
| E. None of the above |
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Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
12th edition
1119132223, 978-1-119-0944, 1118875052, 978-1119132226, 978-1118875056
