nner 2018 nost appropriate answer for each of the following questions. lowing sh

Question

nner 2018 nost appropriate answer for each of the following questions. lowing should not be included in the count of ending merchandise inventory? le 1. Which of the fol a. Goods in transit to which the company has tit b. Goods sold but not yet delivered Damaged goods to be sold at a reduced price d. c. Goods in warehouses collection of a $1,000 account beyond the 2 percent discount period would result in a a. debit to Sales Discounts for $20. b. credit to Cash for $1,000. c. debit to Cash for $980. d. credit to Accounts Receivable for $1,000. 2. The Under the perpetual inventory system, two entries (or one compound entry of two debits and two credits) are required for all of the following transactions, except 3. a. b. c. d. the return of goods from a customer for credit. the sale of goods on credit. the purchase of goods on credit. the sale of goods for cash. 4. Use this information to answer the following question. Debit Credit Account Name Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Freight-In Selling Expenses General and Administrative Expenses 10,000 68,000 8,000 12,000 30,000 110,000 beginning merchandise inventory was $22,000 and ending merchandise inventory In addition, $14,000. UIBE ACC212 Financial Accounting /Geyer / Summer 2018

Explanation / Answer

Q1. Answer is b. Goods sold but not yet delivered Q2. Answer is d. Credit to Accounts receivable $ 1000. Q3. Answer is c. Purchase of goods on credit.

Related Questions

Navigate

• Browse (All)
• Browse N
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.