Question: For each statement below identify whether the statement applies to
For each statement below, identify whether the statement applies to the periodic inventory system or perpetual inventory system. a. Normally used for relatively inexpensive goods. b. Keeps a running computerized record of merchandise inventory. c. Achieves better control over merchandise inventory. d. Requires a physical count of inventory to determine the quantities on hand. e. Uses bar codes to keep up- to- the- minute records of inventory.
Answer to relevant QuestionsRich’s Furniture’s unadjusted Merchandise Inventory account at year-end is $ 63,000. The physical count of inventory came up with a total of $ 61,900. Journalize the adjusting entry needed to account for inventory ...Consider the following transactions for Dady Drug Store: Mar. 2 Dady buys $ 20,250 worth of inventory on account with credit terms of 3/15, n/30, FOB shipping point. 3 Dady pays a $ 90 freight charge. 8 Dady returns $ 5,000 ...Journalize the following sales transactions for Shelton Camera Store using the periodic inventory system. Explanations are not required. Dec. 3 Shelton sold $ 36,600 of camera equipment on account, credit terms are 1/15, ...Emerson St. Paul Book Shop’s accounts at June 30, 2015, included the following unadjusted balances: Merchandise Inventory ......... $ 5,400Cost of Goods Sold ......... 40,300Sales Revenue ........... 85,300Sales ...Journalize the following transactions that occurred in September 2015 for Aquamarines. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Sep. 3 Purchased ...
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