The journal entry to record a return of merchandise purchased on account under a perpetual inventorysystem would

Fantastic news! We've Found the answer you've been seeking!

Question:

The journal entry to record a return of merchandise purchased on account under a perpetual inventorysystem would credit
a. Accounts Payable.
b. Purchase Returns and Allowances.
c. Sales Revenue.
d. Inventory.

Related Book For answer-question

Financial Accounting

ISBN: 978-0134725987

12th edition

Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.

See More Books

Posted Date: Feb 03, 2022 06:00 AM

See More Questions

The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes PayableOASDI 1,535.29 FICA Taxes PayableHI 359.06 FIT Payable...
The journal entry to record an $800,000 bond issuance that is sold at 95 would be: A) Cash $760,000 Accounts Payable $760,000 B) Cash $760,000 Discount on Bonds Payable $40,000 Bonds Payable $800,000...
What is the journal entry to record a one-year subscription for a magazine?
Ask survey subjects to estimate the length of 1 minute without looking at a watch or clock. Each subject should say go at the beginning of the minute and then stop when he or she thinks that 1 minute...
You have just bought three stocks: Stock A, Stock B, and Stock C. Given the current market, you estimate that each stock has a 60% chance of doubling in value. Assume that stock performances are...
Why should appellate courts not consider the evidence and reach their own verdict and save the expense of another trial?
You are the sales director for a company with 1,125 customers generating $30 million in sales. Calculate the number of customers and sales generated using the 80:20 rule.
Predecting sales and variable costs using contribution margin Bloom company management predicts that it will incur fixed costs of $160,000 and earn protax income of $164,000 in the next period. Its...
6. Three charges qi, q2 and qs are arranged as shown. The charges are 9.5 C, -1.8C and -5.8 C respectively. What is the force acting on q? (6 marks) 0. 91 0.30 m 0.50 m 92 0.40 m 93
In problem 8.16, a college chemistry instructor thinks the use of embedded tutors will improve the success rate in introductory chemistry courses. The instructor carried out a hypothesis test and...
GIVEN: One of your life goals is to circumnavigate the world on a year long trip before your 30th birthday You have $4,000 in savings; but to enjoy the trip, you need $25,000 (food, lodging,...
For a typical ETF, which of the following sources of tracking error is most likely to be the smallest contributor to tracking error? A. Representative sampling B. Fees and expenses incurred by the...
Factor (smart beta) strategy ETFs are least likely to be used by investors: A. to modify portfolio risk. B. for tactical trading purposes. C. to seek outperformance versus a benchmark.
Walker Patel is a portfolio manager at an investment management firm. After successfully implementing meanvariance optimization (MVO), he wants to apply reverse optimization to his portfolio. For...
An ETFs reported tracking error is typically measured as the: A. standard deviation of the difference in daily returns between an ETF and its benchmark. B. difference in annual return between an ETF...
Which of the following statements regarding applications of ETFs in portfolio management is correct? A. Equity ETFs tend to be more active than fixed-income ETFs. B. The range of risk exposures...
Comment on post: Week 2 : DQ OD Models, Ladder of Inference and Double Loop Learning What do the Ladder of Inference and Double Loop Learning challenge us to do/caution us against when using...
The pendulum consists of two rods: AB is pin supported at A and swings only in the y-z plane, whereas a bearing at B allows the attached rod BD to spin about rod AB. At a given instant, the rods have...
An error understated Power Corporations December 31, 2018, ending inventory by $54,000. What effect will this error have on total assets and net income for 2018? Assets Net income a. Understate...
Retrieve the 2016 Under Armour financial statements at www.sec.gov by clicking on Filings and then searching for Under Armour under Company Filings. When you see the list of filings for the company,...
McClinton and Jefferson, an accounting firm, advises Lakeside Seafood that its financial statement must be changed to conform to GAAP. At December 31, 2018, Lakesides accounts include the following:...
The Nielsen family formed their corporation, N. Robert Nielsen, Inc., to conduct farming operations. Morre, Grider & Co. is a certified public accounting firm that has provided accounting, tax, and...
In the past five years, there have been significant innovations in technology such as smartphones and tablets. Technology companies rely on intellectual property (IP) rights, such as patents,...
Mr. Tam is the front man for the Asian American dance-rock band The Slants. Mr. Tam named his band The Slants to reclaim and take ownership of Asian stereotypes. The band draws inspiration for its...

The journal entry to record a return of merchandise purchased on account under a perpetual inventorysystem would

Question:

Expert Answer:

Answer d Inventory Under the perpetual system the compan... View the full answer

Financial Accounting

Students also viewed these accounting questions