You are watching: The main expense of a merchandiser is usually ________.
Gross profit is the added amount the firm receives from the customer for merchandise marketed over what the agency passist to the vendor.(True or false)
Even in perpetual inventory system that updays the inventory account and also when transactions take place, the company must count its inventory at leastern as soon as a year.(True or false)
Merchandise inventory accounting systems deserve to be extensively categorized right into 2 forms. They are _________________.
Credit terms of 2/10, n/30 show that a discount of 2% will be given if payment is made within 10 days of the invoice. Otherwise, the full amount is due within 30 days of the invoice.(True or false)
Under the perpetual inventory system, when a purchaser provides a payment within the discount duration, the amount of discount will certainly be attributed to the Merchandise Inventory account.(True or false)
A firm that supplies the perpetual inventory mechanism purchases inventory for $63,000 on account, via regards to 2/10, n/30. Which of the adhering to is the journal enattempt to document the payment made within 10 days? A) a debit to Accounts Payable for $63,000, a credit to Cash for $61,740, and a debit to Merchandise Inventory for $1,260B) a debit to Accounts Payable for $63,000, a credit to Merchandise Inventory for $1,260, and also a crmodify to Cash for $61,740C) a delittle bit to Merchandise Inventory for $1,260, a delittle to Accounts Payable for $63,000, and a crmodify to Cash for $64,260D) a debit to Accounts Payable for $61,740, a delittle bit to Merchandise Inventory for $1,260, and also a credit to Cash for $63,000
a debit to Accounts Payable for $63,000, a credit to Merchandise Inventory for $1,260, and also a crmodify to Cash for $61,740
Freight in is tape-recorded in Merchandising Inventory account if the purchaser provides the perpetual inventory device.(True or false)
On January 21, 2016, Bessant, Inc. received merchandise from Mullies, Inc. On that date, it discovered a couple of of these goods to be damaged. On January 22, it returned the damaged products to the seller. Such retransforms will be treated as ________ by Bessant.A) purchase returnsB) sales returnsC) purchase allowancesD) sales allowances
Under perpetual inventory mechanism, when a wholesaler returns the goods purchased on account, the ___________ account is attributed.
Osauto Packers obtained an allowance from the vendor for an amount of $400. Give the journal enattempt for this transactivity. The firm supplies a perpetual inventory system.
A company that provides a perpetual inventory device purchased inventory on account and later went back items worth $500 to the merchant. Which of the following would be the correct journal entry to record these returns?A) Purchase Returns 500 Accounts Payable 500B) Accounts Payable 500 Purchase Retransforms 500C) Merchandise Inventory 500 Accounts Payable 500D) Accounts Payable 500 Merchandise Inventory 500
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