What account is debited for freight charges on merchandise inventory purchases when (a) The periodic inventory system
Question:
What account is debited for freight charges on merchandise inventory purchases when
(a) The periodic inventory system is used
(b) The perpetual inventory system is used?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
a Periodic inventory is a system of inventory in w...View the full answer
Answered By
Kennedy Odhiambo
As a professional writer, I have been in the field for over 5 years having worked as a lecture in different tertiary institutions across the world. With this impeccable experience, I assure provision of a good and supporting environment for students to learn.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
Question Posted:
Students also viewed these Accounting questions
-
Quality Cellular Co. paid $80 for freight on merchandise that it had purchased for resale to customers (transportation-in) and paid $135 for freight on merchandise delivered to customers...
-
What account is debited when recording the payment of freight in when using the periodic inventory system?
-
The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January...
-
12. Bill thinks that welfare is needed in some cases. However, his friends in the Young Republicans taunt him every time he makes his views known. As a result, he accepts their views in order to...
-
Compute the current ratio and acid-test ratio for each of the following separate cases. (Round ratios to two decimals.) Which company case is in the best position to meet short-term...
-
It is desired to produce an aligned and continuous fiber-reinforced epoxy composite having a maximum of 40 vol% fibers. In addition, a minimum longitudinal modulus of elasticity of 55 GPa (8 106...
-
With reference to Exercise 4.5, find an expression for the distribution function \(F(x)\) of the random variable. Data From Exercise 4.5 k 4.5 Given that f(x): = is a probability distribution for 2x...
-
A flat (unbanked) curve on a highway has a radius of 220.0 m. A car rounds the curve ata speed of 25.0 m/s. (a) What is the minimum coefficient of friction that will prevent sliding? (b) Suppose the...
-
2. (2 points) Determine the complexity of the following piece of code, which transposes an n x n matrix. (Give the summation and the result) for (i = 0; i < n = 1; i++) for(j=i+1; j < n; j++) { tmp...
-
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. To prepare a master budget for April, May, and June of 2019, management gathers the following...
-
What account is credited for the return of merchandise inventory when (a) The periodic inventory system is used (b) The perpetual inventory system is used?
-
What is the purpose of a credit memorandum?
-
For the following exercises, use reference angles to evaluate the expression. cot 240
-
Two objects are moving towards each other with velocities V and V on a frictionless surface. They collide completely inelastically and move together after the collision with a velocity V3 as shown...
-
A charged ring wire with a radius of 40 cm centered at point O is placed vertically in the XZ plane, a charged straight wire RS with a length of 60 cm placed parallel to the X axis. The two wires...
-
Q10) Two containers thermally isolated from the environment contain the same amount of nitrogen gas. They are initially connected with a closed valve. If T-T2 (temperatures of the containers), (a)...
-
3. Find the energy levels En for a particle whose Hamiltonian is H = + 7 mwx x 2m by using the ladder operators a = / [(m) 1/2 at x Fi p (mah)1/2
-
6. A 15000 kg bus is travelling at a constant speed of 6.2 m salong a section of road that is inclined at an angle of 6.0 to the horizontal. 6.0 (a) (i) The bus is represented by the black dot shown...
-
At what points, if any, are the tangents to the graph of (x) = x2 3x horizontal?
-
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cashflows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit...
-
Certain transactions and procedures relating to federal and state unemployment taxes follow for Robins Nest LLC, a retail store owned by Robin Roberts. The firms address is 2007 Lovely Lane, Dallas,...
-
Certain transactions and procedures relating to federal and state unemployment taxes follow for Robins Nest LLC, a retail store owned by Robin Roberts. The firms address is 2007 Lovely Lane, Dallas,...
-
State unemployment taxes are filed: a. Monthly. b. Quarterly. c. Yearly. d. At the end of each pay period.
-
1. How does marketing create value, and how do firms become more value driven? 2. Describe a firm's stakeholders and how they are impacted by conscious marketing.
-
Beginning inventory 100 units @ $8.00 = $ 800 Purchase # 1 200 units @ $6.00 = 1,200 Purchase # 2 100 units @ $12.00 = 1,200 Total 400 units $3,200 Ending inventory is 150 units. 1. What is cost of...
-
Sam's Ice Creams, a cottage country favourite in Northern Ontario, has launched a new range of ice creams branded as "Summer Flavours." To capitalize on the cottage and tourism season from May to...
Study smarter with the SolutionInn App