13-3 wiwn merchand.se k..o-ired on scround and the perpetual inventory eysem is

Question

13-3 wiwn merchand.se k..o-ired on scround and the perpetual inventory eysem is kept, the journal stry for purchases would include (A) debiting Purehesss and erediting Accounts Payable, (B) debiting Accounts Payable and ersditing Merchandiss Inventory, (C) debiting Merchandise Inventory and erediting Accounts Paysble, (D) debiting Accounts Payable and debiting Purshases, CE) debiting Cash and crediting Purchases Which of the following inventory methods is a car dealer most likely to use? (A) FIFO, ) LIFO,(C) weighted average,(D) specific identification, (E) periodie 0 When merchandise is sold and the periodic system of inventory is used, the journal entry for a sale could include (A) debiting Accounts Receivable and crediting Sales, (B) debiting Accounts Receivable and crediting Merchandise Inventory, (C) debiting Cost of Goods Sold and crediting Merchandise Inventory, (D) debiting Cost of Goods Sold and crediting ales, () AC Section C Directions: The Henzel Company's beginning inventory and purchases during the fis 30 were as follows Unit of UnitsPrice Total Cost July I Beginnin Sept 15 First purchase Dec. 5 Second purchase Mar. 9 Third purchase g inventory 6,000 $40.00 S240,000 14,000 28,000 19,000 63.50 206,500 52.25 58.00 731,500 1,624,000 There are 2,000 units of inventory on hand on June 30, 20- Of these, 1,000 wer beginning inventory, 600 were part of the Dec. 5 purchase, and the rest were from Calcuinte the total to be assigned to ending inventory under the LIFO and specif Show your work. (20 points . LIFO 2. SPECIFIC IDENTIFICATION

Explanation / Answer

8.

Option C is correct

Explanation:

Under perpetual inventory system inventory is updated for each sale and purchase. While purchasing the goods inventory is increased and account payable is also increased in credit transaction so following journal entry is passed:

9. D

specific identification

10. A

Debit account receivable

Credit sales

Merchandise Inventory (debit) $ Account payable(credit) $

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