Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 06, 2024

When using the periodic inventory system, the Merchandise Inventory account is A. not used B. never used when recording purchase discounts, or returns of inventory

When using the periodic inventory system, the Merchandise Inventory account is

A. not used

B. never used when recording purchase discounts, or returns of inventory

C. replaced on the balance sheet with the Purchases account

D. updated after each sale

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information Systems

Authors: Patrick R. Wheeler, Ulric J. Gelinas, Richard B. Dull, Dull Gelinas Wheeler

International 10th Edition

017035539X, 9780170355391

More Books

Students also viewed these Accounting questions

Question

★★★★★

In March, Hertz Pain Relievers bought a massage machine that provided a return of 8 percent. It was financed by debt costing 7 percent. In August Mr. Hertz came up with a heating compound that would...

Answered: 1 week ago

Question

★★★★★

Can regulatory intervention be explained on fairness or equity grounds? If so, what is the basis of this argument?

Answered: 1 week ago

Question

★★★★★

Evaluator credibility: How did the evaluator establish their credibility, and how did the stakeholders perceive the evaluators credibility?

Answered: 1 week ago

Question

★★★★★

McCarthy, CPA, was engaged to audit the financial statements of Kent Company, a continuing audit client. McCarthy is about to audit Kents payroll transactions. Kent uses an in- house payroll...

Answered: 1 week ago

Question

★★★★★

ne.com or e Assignment Gradebook ORION Downloadable eTextbook ent CALCULATOR MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT Question 4 Oriole Company uses the percentage-of-receivables...

Answered: 1 week ago

Question

★★★★★

refer to below table ,Conduct a sensitivity analysis todetermine the sensitivity of NPV to changes in the sales price,number of units sold, the variable costs per unit, fixed costs andthe cost of c 0...

Answered: 1 week ago

Question

★★★★★

The risk-to-adoption relationship can be considered ___. 1 point Both positively and negatively correlated Negatively correlated Positively correlated There is no relationship

Answered: 1 week ago

Question

★★★★★

A ___________ provides the greatest degree of continuity of the business. Question 14 options: Cooperative Corporation Sole Proprietorship Partnership

Answered: 1 week ago

Question

★★★★★

Washington Times columnist Gene Mueller writes about fishing and other outdoor sports activities. Mueller said that while interest groups express concern about the impact of saltwater anglers on fish...

Answered: 1 week ago

Question

★★★★★

Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2025, for $12,400. They expect to use the...

Answered: 1 week ago

Question

★★★★★

Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporated Balance Sheet Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in...

Answered: 1 week ago

Question

★★★★★

How were the HR functions affected by Hurricane Rita?

Answered: 1 week ago

Question

★★★★★

What information might lead you to choose working for the company?

Answered: 1 week ago

Question

★★★★★

Which environment factor(s) did Hurricane Rita affect? Discuss.

Answered: 1 week ago

Previous Question Next Question