User Account

All Pages

What is the correct journal entry

Assignment Help Accounting Basics
Reference no: EM131696037

Question - When shipping back inventory (that was purchased on account) from a supplier, what is the correct journal entry? (Assume the periodic inventory system is used).

a. Cr Inventory, DrAccounts Payable

b. DrAccounts Payable, Cr Purchase Returns and Allowances

c. DrInventory, Cr Cost of Goods Sold

d. DrInventory, Cr Accounts Payable

Reference no: EM131696037

Questions Cloud

Discuss hinduism is known for various type of yoga : The caste system has been prevalent throughout the history of Hinduism, Discuss Hinduism is known for various type of yoga
Explain the types of innovations or improvements : Explain the types of innovations or improvements that have come from involving the target customer in the supply chain.
What issues surround the discovery process : Describe the bail process and the different types of bail. What issues surround the discovery process?
Define the american political culture : What changed, if anything, in the American political culture between 2004 and 2012
What is the correct journal entry : When shipping back inventory (that was purchased on account) from a supplier, what is the correct journal entry
Define the existing tourism industries : How did the advent of communism affect the existing tourism industires and resources of Eastern Europe
Describe the organization and purpose of chaebols : Describe the organization and purpose of chaebols. Next, read at least one article on human resource strategies for Multinational Corporations (MNCs).
What journal entry is prepared by the customer : What journal entry is prepared by the customer when the payment is made? Assume the customer uses the periodic inventory system
Define social and religious developments : how did they justify thier ambitions, and what effect did their 'New Monarchies' have on political, social, and religious developments

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the total cost of borrowing over the life of bond

Determine the total cost of borrowing over the life of the bond. What amount of interest expense is reported for 2018

  What is the total product cost for an item it costs 1115 to

what is the total product cost for an item? it costs 11.15 to produce this includes packaging. below are the important

  Do you think that fund of funds achieved these benefits

What are the three key benefits touted by fund of funds? Do you think that fund of funds achieved these benefits during 2008? Why or why not?

  Estimating the materiality

What is considered material by you may not be material from your fellow auditors' perspective. You will explore how to determine what materiality levels are so that your audit team is in agreement.

  Dick owns a house that he rents to college students

dick owns a house that he rents to college students. dickreceives 750 per month rent and incurs the following

  During february 400 units in process on february 1 were

homestyle soup co. uses a process cost system to record the costs of processing soup which requires the cooking and

  Linda candle company is in the process of preparing its

linda candle company is in the process of preparing its budget for next year. cost of goods sold has been estimated at

  Prepare an income statement for swing hard

Swing Hard sold a gift card for golf lessons for $150 cash in February. Prepare an income statement for Swing Hard Incorporated for the month ended February 28

  Carson company on july 15 sells merchandise on account to

carson company on july 15 sells merchandise on account to tayler co. for 1000 terms 210 n30. on july tayler co. returns

  The service life of certain equipment was changed

The service life of certain equipment was changed from 8 to 5 years. If a 5-year life had been used previously, additional depreciation of $425,000 would have been charged.

  Calculate the cost of food sold on the cogs tab

Calculate the Cost of Food Sold on the COGS tab and calculate the Cost of Beverages Sold on the COGS tab - Enter the beginning balances from the November 30th Trial Balance tab into the T-Accounts tab

  What was the value of the land at the date

Bruce Brown, a wealthy investor, exchanged a plot of land that originally cost him $20,000 for 1,000 shares of $10 par common stock issued to him by Dunn Corp. On the same date, Dunn Corp.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd