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Colt1911 [192]
3 years ago
11

Regarding the four-step closing process under the periodic inventory​ system, ________. A. Sales Revenue is closed with a credit

via the Income Summary account B. the beginning Merchandise​ Inventory, Purchases, and Freight In are closed with a debit via the Income Summary account C. Purchase Returns and Allowances and Purchase Discounts accounts are closed with a credit via the Income Summary account D. the ending merchandise inventory balance must be recorded as a debit via the Income Summary account
Business
1 answer:
ziro4ka [17]3 years ago
6 0

Answer:

The correct answer is D. the ending merchandise inventory balance must be recorded as a debit via the Income Summary account

Explanation:

In the permanent inventory system, all purchases, sales, discounts and returns on purchases and sales are recorded at cost, in the account Goods not Manufactured by the Company. Thus: Purchases: the acquisition of merchandise is accounted for with a debit in the Merchandise not Manufactured by the Company account and a credit in Banks or Suppliers, as the case may be.

The initial inventory represents the value of the stock of merchandise on the date the accounting period began. This account is opened when the control of the inventories, in the Major General, is carried out based on the speculative method, and does not return to movement until the end of the accounting period when it will be closed with charge at cost of sales or by Profit and Loss directly. And it is the detailed and detailed relationship of the stock of merchandise that a company has when starting its activities, after making a physical count.

The final inventory is made at the end of the accounting period and corresponds to the physical inventory of the merchandise of the company and its corresponding valuation. By relating this inventory to the initial one, with the net purchases and sales of the period, you will obtain the Gross Profits or Losses in Sales of that period. is the list of stocks at the end of an accounting period.

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Kamila [148]

Answer:

No adjustment in records can be made until the asset is sold.

Explanation:

This is an example of cost concept. Assets are generally recorded at cost and remain on the accounting records at cost until they are disposed of. Future economic condition may change this appraised value, and therefore no adjustment in records can be made until the asset is sold.

8 0
3 years ago
A firm’s management analyzes financial statement’s so that: a. they can get feedback on their investing, financing, and working
Zepler [3.9K]

Answer:

d. a and b

Explanation:

A firm’s management analyzes financial statement’s so that:

Evaluating company's performance, by analyzing the financial statements in respect of various areas of financing, investing and operating activities, and then comparing the performance with past records and industries of same category.

Further the firm's management is responsible to take decision of dividend, and return to be paid to equity and various other stakeholders, thus both options a and b are correct.

Correct answer

d. a and b

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When evaluating the six-step decision-making process, what occurs during the solution implementation step? the process will begi
worty [1.4K]

The answer is the solution that best solves the problem is selected.

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6 0
3 years ago
Prepare journal entries to record each of the following four separate issuances of stock. A corporation issued 7,000 shares of $
marysya [2.9K]

Answer:

The Journal entries are as follows:

(i) cash  A/c           Dr. $84,000

To Common stock, $10 par value      $70,000

To Paid-in capital in excess of par value, Common stock   $14,000

(To record the  issuance of stock)

(ii) Organization expenses  A/c           Dr. $55,000

To Common stock, $2 stated value                                    $7,000

To Paid-in capital in excess of stated value, Common stock   $48,000

(To record the  issuance of stock)

(iii) Organization expenses A/c    Dr. $55,000

To Common stock, no-par value                       $55,000

(To record the  issuance of stock)

(iv) Cash A/c                    Dr. $142,500

To Preferred stock, $50 par value[1,750 × $50)                  $87,500

To Paid-in capital in excess of par value, preferred stock  $55,000

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) Case Study: Nancy, a 28 year-old marketing analyst in Minneapolis, has a fear of bridges. She takes a very long route to get t
Monica [59]

Answer:

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