13. Which document establishes an initial record of the receipt of the inventory? a. receiving report...

    

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13. Which document establishes an initial record of the receipt of the inventory? a. receiving report b. vendor's invoice e. purchase order d. petty cash voucher 14. Cost flow is in the reverse order in which costs were incurred when using a. weighted average b. last-in, first-out c. first-in, first-out d. average cost 15. When comparing a retail business to a service business, the financial statement that changes the least is the a. balance sheet b. income statement c. statement of stockholders' equity d. statement of cash flows 16. Using the following information, what is the cost of goods sold? $ Selling expense Inventory, September 30 Sales 1,200 Interest expense Purchases Inventory, September 1 Administrative expense Rent revenue $32,000 5,700 3|Page 910 960 6,370 63,000 1,040 17. Norfolk Sporting Goods purchases merchandise with a catalog list price of $30,000. The retailer receives a 30% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? 19. Argie Corpses the gross muthod for recording sales discounts. As that Fald, Inc., made a $12,000 parhase with terms of 2/10, n/30. When it pays in the discount persat, what is the currect journal entry? 41 Page Merchandise with a sides price of $5,000 is sold on account with terms 2/10, a/30. The journal entry to record the sale would include a 20. Jacob Co. sells merchandise on credit to Isaiah Co. for $9,700. The invoice is dated May 1 with terms of 1/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount? 21. Emma Co, sold to Isabella Co. merchandise on account FOB shipping point, 2/10, net 30, for $15,000. Emma Co. prepaid the $750 shipping charge. Using the perpetual inventory method, which of the following entries will Isabella Co. make to record the payment for the merchandise if Isabella Co. pays within the discount period? 13. Which document establishes an initial record of the receipt of the inventory? a. receiving report b. vendor's invoice e. purchase order d. petty cash voucher 14. Cost flow is in the reverse order in which costs were incurred when using a. weighted average b. last-in, first-out c. first-in, first-out d. average cost 15. When comparing a retail business to a service business, the financial statement that changes the least is the a. balance sheet b. income statement c. statement of stockholders' equity d. statement of cash flows 16. Using the following information, what is the cost of goods sold? $ Selling expense Inventory, September 30 Sales 1,200 Interest expense Purchases Inventory, September 1 Administrative expense Rent revenue $32,000 5,700 3|Page 910 960 6,370 63,000 1,040 17. Norfolk Sporting Goods purchases merchandise with a catalog list price of $30,000. The retailer receives a 30% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? 19. Argie Corpses the gross muthod for recording sales discounts. As that Fald, Inc., made a $12,000 parhase with terms of 2/10, n/30. When it pays in the discount persat, what is the currect journal entry? 41 Page Merchandise with a sides price of $5,000 is sold on account with terms 2/10, a/30. The journal entry to record the sale would include a 20. Jacob Co. sells merchandise on credit to Isaiah Co. for $9,700. The invoice is dated May 1 with terms of 1/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount? 21. Emma Co, sold to Isabella Co. merchandise on account FOB shipping point, 2/10, net 30, for $15,000. Emma Co. prepaid the $750 shipping charge. Using the perpetual inventory method, which of the following entries will Isabella Co. make to record the payment for the merchandise if Isabella Co. pays within the discount period?

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13 Answer a Receiving Report Explanation Receiving report is the first inventory record When goods a... View the full answer