What journal entry is required to record goods taken from inventory by the owner of a business for personal use? A Dr Drawings Cr Purchases Dr Sales Cr Drawings Dr Drawings Cr Inventory D Dr Inventory Cr Drawings

Q: Which of the following items would be included in the inventory account of a manufacturing concern?…

A: The inventory is the cost of goods that are available to be sold during the period.

Q: List the steps to record sales under a perpetual inventory system as a buyer and a seller.

A: Note: “Since you have asked multiple question, we will solve the first question for you. If you want…

Q: Mr. Mohammed use perpetual inventory system makes the following journal entry in his business Debit…

A: Merchadise inventory is debited and Accounts payable is credited where  inventory is purchased on…

Q: A portion of a client’s inventory is in public warehouses. Evidence of the existence of this…

A: Existence assertion says that all assets and liabilities of the business present in the financial…

Q: the inventory system employing accounting records that continuously disclose the amount of inventory…

A: For the purpose of cost accounting in business, records are being kept for each and every category…

Q: Match the accounting terminology to the definitions. AClick the icon to view the definitions.) More…

A: Definition: Perpetual Inventory System: Perpetual Inventory System refers to the inventory system…

Q: a) How would issues and closing inventory be valued using LIFO b) Give journal entry assuming that…

A: a.

Q: Which journal entry is correct when there is a sale under a perpetual inventory and FOB shipping…

A: Solution- Accounts payable -------------------DR                 To Merchandise inventory. (To…

Q: Which of the following journal entries is appropiate when a credit sales is made under a perpetual…

A: Under the perpetual inventory method, we need to record sales and also the cost of goods sold.

Q: What account is debited when recording a purchase of inventory when using the perpetual inventory…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: Which of the following is NOT a financial transaction? a. purchase of products b. cash receipts c.…

A:

Q: Which of the following accounts is used in the periodic inventory system but not used in the…

A: Periodic inventory system:   A periodic inventory system is one of the forms of inventory valuation.…

Q: Which of the following accounts would be included in the chart of accounts of a merchandising…

A: Periodic Inventory System: A periodic inventory system is a form of inventory valuation where the…

Q: The journal entry to record the return of inventory purchased on credit under a periodic inventory…

A: One of the main feature of periodic system of inventory is all the adjustments are made at end of…

Q: When using a manual accounting information system, which of the following transactions would be…

A: Journal : A journal is a book of original entry where all the monetary transactions in the form of…

Q: If a manufacturer ships merchandise to a retailer on consignment, the unsold merchandise should be…

A: Definition:   Goods in transit: Goods in transit can be described as the inventories which are…

Q: Which accounting concept requires that any goods taken from inventory by the owner are treated as…

A: The business entity concept states that the company must separate transactions of the business from…

Q: Under the periodic inventory system, which of the following accounts is debited when inventory is…

A: Solution:- Under the periodic inventory system the following accounts is debited when inventory is…

Q: When merchandise purchased on account is returned under the perpetual inventory system, the buyer…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: A company that uses a perpetual inventory system purchased inventory on account and later returned…

A: Perpetual inventory system: It is a method of inventory management that records real time…

Q: Mr. Ameen use periodic inventory system makes the following journal entry in his business: Debit…

A: Under the periodic inventory system, cost if goods sold are calculated at the end of the period.…

Q: Inventory taken by the owner of the entity for personal use, will affect which of the following…

A: Periodic inventory system is the system of accounting in which inventory is calculated at the end of…

Q: Describe in words the journal entries that are made ina perpetual inventory system when inventory is…

A: Perpetual inventory system provides a running balance of cost of goods available for sale and cost…

Q: Office Supplies Express uses a perpetual inventory system. Journalize the following sales…

A: Meaning of Perpetual Inventory System Under the Perpetual Inventory System, the company updates its…

Q: A purchases journal is used to record: O a. purchases of merchandise on account for resale. O b.…

A: Journal: It is often defined as a primary accounting book that is used by the business to record all…

Q: When purchases of merchandise are made on account with a perpetual inventory system, the transaction…

A: Correct option is D Debit Merchandise Inventory;credit Account Payable   Reason : Merchandise…

Q: Describe the journal entry(ies) when recording a sale of inventory using the periodic inventory…

A: In a periodic Inventory system, the entries are made in the system at the end of the accounting…

Q: Which of the following items should be included in a company's inventory at the balance sheet date?…

A: Inventory is the current asset which is being held by the entity for the purpose of sale.

Q: What is the correct entry to write off the inventory under perpetual method? Dr. Cost of Goods sold…

A: The Perpetual Inventory System is a highly preferred system as it can produce accurate results…

Q: Describe the journal entries when recording a sale of inventory using the periodic inventory system.

A: Definition:

Q: When inventory is shipped from the seller to the buyer with shipping terms of FOB destination: O A.…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Under the periodic inventory system, the journal entry to record the purchase of merchandise…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: Which of the following items would be recorded in the purchases journal? A. supplies purchased on…

A: Purchase journal is the journal specifically to record purchase transactions. It shows all the…

Q: The journal entry to record the purchase of inventory on account is:

A: The journal entry to record the purchase of inventory on account is: Answer - A Debit…

Q: What is the inventory system called that continuously discloses the amount of inventory? Group of…

A: Solution: Under perpetual inventory system, inventory records are updated with each receipt and…

Q: What is the treatment of the following items in connection with the retail inventory method? d.…

A: A retail business is one that buys goods in bulk from the wholesaler and sells them in smaller…

Q: What is the inventory system called that discloses the amount of inventory on hand ONLY at the end…

A: The periodic inventory system is an inventory system that involves a periodic physical inventory…

Q: In a perpetual inventory system, purchases of merchandise on account are recorded by debiting: a…

A: In a perpetual inventory system, Purchases account is not maintained because inventory account is…

Q: Why is the purchase journal used for journalizing the purchase of merchandise for resale on account…

A: Purchase journal is a separate book kept in the company to maintain and track the information of…

Q: Required: Prepare Merchandising Journal Entries using Perpetual and Periodic Inventory System.

A: Merchandise Inventory Journal Entry There are mainly two types of merchandise inventory system are…

Q: What is the treatment of the following items in connection with the retail inventory method? a.…

A: Retail Inventory method is a methodology to calculate the ending value of the inventory of the…