Question: I need fast answer thank u so much! (1) ( (2) (3) FOB shipping point on merchandise sold to customers will cause an increase (A)

I need fast answer thank u so much!
I need fast answer thank u so much! (1) ( (2) (3)

(1) ( (2) (3) FOB shipping point on merchandise sold to customers will cause an increase (A) in the selling expense of the buyer. (B) in operating expenses for the seller. (C) to the cost of goods sold of the seller. (D) to a contra-revenue account of the seller. After closing entries are posted, the balance in the retained earnings account in the ledger will be equal to (A) the beginning retained earnings reported on the retained earnings statement (B) the amount of the retained carnings reported on the statement of financial position (C) zero. (D) the net income for the period. Which of the following is in the proper order? (A) Cash; Accounts Receivable: Inventories; Supplies. (B) Cash; Inventories; Accounts Receivable: Supplies. (C) Supplies: Inventories; Accounts Receivables: Cash. (D) Supplies; Accounts Receivables: Inventories: Cash. The use of prenumbered checks in disbursing cash is an application of the principle of: (A) Establishment of responsibility. (B) Segregation of duties. (C) Physical controls. (D) Documentation procedures. Which of the following should be included in the physical inventory of a company? (A) Goods held on consignment from another company. (B) Goods in transit to another company shipped FOB shipping point. (C) Goods in transit from another company shipped FOB shipping point. (D) Both goods in transit to and from another company shipped FOB shipping point. A petty cash fund has cash of $250, and contains $148 in cash and $106 in receipts for disbursements when it is replenished, the journal entry to record replenishment should include credits to which of the following accounts? (A) Petty Cash. $106. (B) Petty Cash, S102. (C) Cash, $102: Cash Over and Short. $4. (D) Only cash, $102. (4) (5) (6)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!