1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
diamong [38]
3 years ago
7

When the perpetual inventory method is being used, the accountant debits __________ __________ and credits Accounts Payable (or

Cash) when goods are purchased and debits Cost of Goods Sold and credits __________ __________ when gods are sold, along with the proper sales entry. When the perpetual inventory method is being used, the accountant debits __________ __________ and credits Accounts Payable (or Cash) when goods are purchased and debits Cost of Goods Sold and credits __________ __________ when gods are sold, along with the proper sales entry. When the perpetual inventory method is being used, the accountant debits __________ __________ and credits Accounts Payable (or Cash) when goods are purchased and debits Cost of Goods Sold and credits __________ __________ when gods are sold, along with the proper sales entry.
Business
1 answer:
777dan777 [17]3 years ago
4 0

Answer:

merchandise inventory

Merchandise inventory

Merchandise inventory    

Merchandise inventory

Merchandise inventory    

Merchandise inventory

Explanation:

When the perpetual inventory method is being used, the accountant debits  <u>merchandise inventory </u>and credits Accounts Payable (or Cash) when goods are purchased and debits Cost of Goods Sold and credits <u>merchandise inventor</u>y when gods are sold, along with the proper sales entry.

When the perpetual inventory method is being used, the accountant debits  <u>merchandise inventory </u>and credits Accounts Payable (or Cash) when goods are purchased and debits Cost of Goods Sold and credits <u>merchandise inventor</u>y when gods are sold, along with the proper sales entry.

When the perpetual inventory method is being used, the accountant debits  <u>merchandise inventory </u>and credits Accounts Payable (or Cash) when goods are purchased and debits Cost of Goods Sold and credits <u>merchandise inventor</u>y when gods are sold, along with the proper sales entry.

The cost of each sale transaction ensures that the merchandise inventory account under a perpetual inventory system reflects the updated cost of merchandise available for sale.

You might be interested in
Oriole Company developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(L
zmey [24]

Answer:

b. $392000.

Explanation:

The computation of the inventory balance reported on the balance sheet is shown below:

<u>Product                   Cost                   Net realizable value    Lower value </u>

A                            $128000                 $134000                     $128,000

B                             $90,000                 $85,000                    $85,000

C                             $179,000                $181,000                    $179,000

Total                                                                                          $392,000

5 0
3 years ago
If a company fails to record accrued interest revenue at the end of its fiscal year, all else being equal, what are the effects
Rina8888 [55]

Answer:

Net income: Understated

Total assets: Understated

Total liabilities: No effect

Total stockholders' equity: No Impact

Explanation:

Net income will be understated, because, revenue was not accrued.

Total assets will also be understated, because accrued revenue is not recorded in the current assets, thus total assets will be lowered in total.

4 0
3 years ago
Helena Fogarty does her own research and development for Mi Ola. When she goes out and talks to fellow surfers about their use a
Ilia_Sergeevich [38]

Helena Fogarty is in Idea generation  stage of new product development.

Option A

<u>Explanation: </u>

Idea generation describes the process of actively looking for new solutions and creating proposals that do not yet exist. Idea generation mainly applies to the initiation of the learning process.

It is clear that ideas alone are not going to make creativity possible, since a formal mechanism to handle such ideas must be established. The aim is not only to produce loads of them, but also to take account of the nature of them.

Thoughts are the first move towards change, as described above. Development is based on fresh ideas as individual people. From an individual's point of view, whether you feel stuck in the loop or cannot fix any certain problem, new concepts can help you change forward.

4 0
3 years ago
What are two features of a bond
Norma-Jean [14]

Face/Par Value. The first characteristic of a bond is its face, or par value.

Coupon/Yield. The coupon or yield of a bond is the interest rate the issuer agrees...

Maturity. The maturity is the date at which the bond’s principal comes due...

Issuer. The type and quality of the bond issuer is also an important characteristic...

3 0
4 years ago
What type of Interests pays interest on interest?<br> O Compound Interest<br> O Simple Interest
Elanso [62]

Answer:

Compound interest

Explanation:

8 0
4 years ago
Read 2 more answers
Other questions:
  • I need help with this
    14·1 answer
  • Trombly purchased 10% of ABC stock for $100,000 on 1/1/17. Data regarding these securities follow: For the Year Ended Market Val
    12·1 answer
  • In kessy's old kitchen, he could bake 10 cookies or mix 15 glasses of lemonade in one day. now kessy has a larger oven and refri
    5·1 answer
  • A local pizzeria sells 500 large pepperoni pizzas per week at a price of $20 each. Suppose the owner of the pizzeria tells you t
    8·1 answer
  • The president of a poor country has announced that he will implement the following measures that he claims are designed to incre
    8·1 answer
  • Peter, Roberts, and Dana have the following capital balances; $80,000, $100,000 and $60,000, respectively. The partners share pr
    7·1 answer
  • The following data is available for Oriole Company at December 31, 2020: Common stock, par $10 (authorized 29000 shares) $232000
    13·1 answer
  • Inventory records for Marvin Company revealed the following:
    11·1 answer
  • At the end of business on September 1, the total displayed on the cash register tape shows $1,059 of cash sales for the day. How
    12·1 answer
  • The income statement of Sheffield Corp. for 2020 included the following items: Interest revenue $137000 Salaries and wages expen
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!