Compute the cost of inventory and cost of goods

Assignment Help Accounting Basics

Reference no: EM132513069 , Length: 1 page

ACC 106 Accounting principles - Emirates College of Technology

LO 1: Prepare general journal entries for merchandize operations using periodic inventory systems.

LO 2: Compute the cost of inventory and cost of goods sold by using periodic systems using: First-In First-Out, Last-In First-Out, and Weighted Average and estimate the value of an inventory using the retail method and the gross profit method.

LO 3: Differentiate operations related to petty cash funds and createbank reconciliationstatement.

LO 4: Determine the cost of plant assetsand Compute depreciation by using straight line, declining balance and units of production depreciation methods.

Question 1:

A merchandiser frequently has a need to use contra accounts related to the sale of goods. Identify the contra accounts that have normal debit balances and explain why they are not considered expenses.

Identify the contra accounts that have normal debit balance

Explain why they are not considered expenses

Attachment:- Accounting principles.rar

Reference no: EM132513069

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