Accounting?

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urkey82

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Pls answer and give a little explaination, thanks a lot!!!!1.Inventory becomes part of cost of goods sold when a companya.Pays for the inventoryb.Purchases the inventoryc.Sells the inventoryd.Receives payment from the customer2.The entry to record the return of goods from a customer would include DEBIT TO SALES RETURNS AND ALLOWANCES, right?3.Which of the following is not considered in computing delivered net cost of purchases?a.Purchasesb.Purchases returns and allowancesc.Freight paid on purchased goodsd.Freight paid on goods shipped to customers4.Under the perpetual inventory system, which of the following general ledger accounts would not be used?a.Salesb.Purchasesc.Cost of goods soldd.Merchandise inventory5.Merchandise inventory becomes part of cost of goods sold when a companya.pays for the inventoryb.purchases the inventoryc.sells the inventoryd.receives payment from the customer
 
1.Inventory becomes part of cost of goods sold when a companyc.Sells the inventory2.The entry to record the return of goods from a customer would include DEBIT TO SALES RETURNS AND ALLOWANCES, right?Right.Dr Sales returns & allowances xxxCr Merchandise inventory xxx3.Which of the following is not considered in computing delivered net cost of purchases?d.Freight paid on goods shipped to customersFreight-out is a selling expense and never part of purchases4.Under the perpetual inventory system, which of the following general ledger accounts would not be used?b.PurchasesThe account purchases is used under the periodic inventory method.5.Merchandise inventory becomes part of cost of goods sold when a companyc.sells the inventory
 
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