TB MC Qu, 04-121 (Static) Frisco Company's Merchandise... Frico Company's Merchandise Inventory account at year-end has a balance of 562,315, but a physical count reveals that only $61,900 of inventory exists. T adjusting entry to record this $215 of inventory shrinkage Muimple Choice Credit Debit 215 Account Title Merchandise Inventory Inventory Shrinkage Expense 215 TE MC Qu. 04-121 (Stotic) Frisco Company's Merchandise... 14 France Company Merchandise eventory country and how a bunch of the countries that only 0 of The adjusting witry to record in 5215 of inventory shinage T Pre Foto Credit Account Title Merchandise Inventory Inventory Shrike Expense O Credit Debit 215 Account Title Purchases Discounts Cost of Goods Sold Debit Credit Account Title Cost of Goods Sold on.com/mapy dechtml?con contexternal browser inchUilehups/6253A%252P%252Fwconne 1 Quiz 4 Credit Account Title Purchases Discounts Cost of Goods Sold Debit 215 215 Credit Account Title Cost of Goods Sold Purchases Discounts Debit 215 215 S Credit Account Title Inventory Shrinkage Expense Cost of Goods Sold Debit 215 215 Cred. Debit 215 Account Title Cost of goods sold Merchandise Inventory 215 A comparvy purchased Soo of merchandise on July 5 with terms 20,6/30 On July 7, in returned $200 worth of merchandise On May 20, pod me wmount due Autuming the company uses a perpetual inventory system, and records purchases using the gross method the correct joumal entry to record me payment on July 2 Det Mechanic inventory St Cath SCO Deci Cash 1600CC Account Paynte $1600 Debut Accounts Payathe 1600. credit Merchandise intory $22. ched Castos Debit Accounts Payable 1300 Credit Cath $100 Debit Accounts Payable $1600. Credit Can 600 per company respondentory mystem and the gromt method of accounting for purchases. The company pure med 8.00 of meriton August 10, no On Auput it returned $15.00 worth of merchandise On August 16, paid the full amount in the correctory or the purchase on Augusti Mche Deon Merchandise ventory S3750, crede Cath $19.750 Debut Accounts Payable $9750, credit Merchandise nentory $2750 Deon Merchandise Inventory $90750, crect Sales Retums and Allowances $1,500 Credit Cach $8.50 Debit Merchandiser trovertory 9750, croit Accounts Payable $9750, Debit Accounts Payable sa 250, debut Purchase Returns and Allowances $1500. Cred Merchandise inventory $9.750 TB MC Qu. 04-111 (Static) On May 1, Anderson Company purchased. On May t Anderson Company purchased merchandise in the amount of $500 from Shing, with credit terms of 2/10,n/30. Anderson uses the perpetual Inventory system and the gross method The journal entry that Anderson will make on May 1 Mums Choice Credit Account Title Sales Accounts Receivable Debit 5,500 5,00 O Credit Account Title Merchandise Inventory Accounts Payable Debit 5,500 5,000 Credit Account Title Merchandise Inventory Accounts Payable Debit 5,800 5,800 Credit Account Title Accounts Payable Sales Debit 5,800 5,800 O Credit Account Title Merchandise Inventory Cash Debit 5,800 5,800 Credit Account Title Purchases Accounts Payable Debit 5,800 5,800 Cushman Company had 1841.000 in sales sales discounts of $12.660, sales returns and allowances of $18.990.cout of goods sold of $100.000 and $250.35 in operating expenses. Net income equal masole Choice 580225 51525 5011450 512115 O $184,415 04 QULE Which of the following statements regarding gross profit in false? 19 Multiple Choice Gross profit is also called gross margin bok mt nicos Gross profit less other operating expenses equal income from operations Gross profit is calculated on the single-step income statement, not the multi-step income statement Gross profit must cover all operating expenses to yield a return for the owner of the business Gross profit equals net sales less cost of goods sold. o Morgan, Incorporated uses a perpetua inventory system and the net method of recording purchase On May 12, a merchandise purchase of $15.000 was made on crede, 2/10,n30 The journal entry to record this purchase Multiple Choice Credit Account Title Merchandise Inventory Accounts Payable Dett 15.000 15.000 Credit Account Title Accounts Payable Merchandise Inventory Debit 15,000 15,00 Credit Account Title Accounts Payable Merchandise Inventory Debit 15,000 15,000 Credit Account Title Purchases Accounts Payable Debit 15,000 15,000 Credit Account Title Purchases Accounts Payable Debit 14,700 14,700 Credit Debit 14,700 Account Title Merchandise Inventory Accounts Payable 14,700