Solved Which of the following does not relate to either of
Question: Which of the following does not relate to either of the two adjusting entries for customer refunds, allowances, and returns? a. One entry creates a customer refund liability account. b. One entry records the sales of goods to customers. c. One entry creates an estimated returns inventory account. d. One entry reduces the sales account.
Chapter 5: Retail Businesses Flashcards
a.deducted from sales. b.deducted from operating income. c.added to gross profit. d.added to operating income. D. The numerator in the asset turnover ratio is a.average current assets. b.average total assets. c.average long-term assets. d.sales. D. In a perpetual inventory system.
acct 201 chapter 5 Flashcards
Social Science Economics Finance acct 201 chapter 5 The steps in preparing closing entries under the periodic inventory system include all of the following except a: a.debit each revenue account, purchases discounts, and purchases returns and allowances. b.debit Inventory for its end-of-period balance. c.credit cost of goods sold for its balance.
CH 5 Mix Flashcards
Which of the following does not relate to either of the two adjusting entries for customer refunds, allowances, and returns? One entry records the sales of goods to customers. At the end of the year, assume the balance of Inventory is $109,225 and physical inventory on hand is $106,320.
Accounting Unit 2 Exam Review
1.50 The inventory records of Global Company indicate that $76,800 of merchandise should be on hand at the end of the month. The physical inventory indicates that $74,900 is actually on hand. The journal entry to adjust for inventory shrinkage will include a debit to Cost of Goods Sold for $1,900.
Acct. Chapter 5 Flashcards
Learn Test Match Created by mominhkhan2004 Terms in this set (18) Determine sales for the month using the following information. At month-end, cost of goods sold is $191,350 and gross profit is $167,990. $359,340 Inventory is reported as a(n).
Adjusting Journal Entry Definition: Purpose, Types, and Example
Adjusting Journal Entry: An adjusting journal entry is an entry in financial reporting that occurs at the end of a reporting period to record any unrecognized income or expenses for the period.
4.5 Prepare Financial Statements Using the Adjusted Trial
4.1 Explain the Concepts and Guidelines Affecting Adjusting Entries; 4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries; 4.3 Record and Post the Common Types of Adjusting Entries; 4.4 Use the Ledger Balances to Prepare an Adjusted Trial Balance; 4.5 Prepare Financial Statements Using the Adjusted Trial Balance.
4.2 Discuss the Adjustment Process and Illustrate Common
The following entries show the initial payment for the policy and the subsequent adjusting entry for one month of insurance usage. Similar to prepaid insurance, rent also requires advanced payment. Usually to rent a space, a company will need to pay rent at the beginning of the month.
Adjusting Entries Explanation
Enter the preliminary balance in each of the T-accounts. Determine what the ending balance ought to be for the balance sheet account. Make an adjustment so that the ending amount in the balance sheet account is correct. Enter the same adjustment amount into the related income statement account. Write the adjusting journal entry.