User Account

All Pages

Which would be debited when inventory is sold on account

Assignment Help Accounting Basics
Reference no: EM132695480

Problem 1: In a perpetual inventory system, which of the following would be debited when inventory is sold on account (from the SELLER's standpoint)?

A) Cost of goods sold.

B) Merchandise inventory

C) Sales

D) Accounts receivable

E) CGS and A/R

Problem 2: FOB Shipping Point means that the

A) Good are placed free on board to the buyer's place of business

B) Buyer pays the freight C) Seller pays the freight

D) The trucking company pays the freight

E) None of the above

Reference no: EM132695480

Questions Cloud

Discuss the things to consider when reviewing the resume : As an employer, discuss the things to consider when reviewing the resume of the applicants. The response must be typed, double spaced, times new roman.
What is a covid-19 diagnostic test : What is a COVID-19 Diagnostic Test and how is it performed?
Which return of defective merchandise recorded by crediting : In a perpetual inventory system. From the buyer's standpoint, a return of defective merchandise is recorded by crediting? Purchase Returns
Name a protozoan structure and a fungal structure : Name a protozoan structure and a fungal structure that are functionally analogous to endospores. Explain
Which would be debited when inventory is sold on account : In a perpetual inventory system, which of the following would be debited when inventory is sold on account (from the SELLER's standpoint)?
What is the significance of a streak plate : When you gram stain yogurt and observe pink rods, what does that mean? Explain
Are there further testing or procedures that are required : Once selected for an interview, are there further testing or procedures that are required? Finally, identify what you can do to maximize your chances of being.
What was the journal entry for the purchaser to record : The credit terms were 2/10, n/30, FOB destination. The freight costs were $130. What was the journal entry for the purchaser to record this transaction?
Differentiate lactose fermenting bacteria : Please explain why it is important to differentiate lactose fermenting bacteria from non-lactose fermenting bacteria.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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