31/7/2021 Thẻ ghi nhớ: Finacial Accounting Chapter 5 Review | Quizlet

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Finacial Accounting Chapter 5 Review

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Thuật ngữ trong học phần này (47)

A wholesaler is a merchandiser True

who buys merchandise from a
manufacturer and sells the same to
a retailer.

(True or false)

The term "inventory", for a Goods held for sale to customers

merchandiser refers to _____________.

An entity that buys goods and sells Merchandiser

them to a customer at a markup is a
_________________.

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Gross profit is the extra amount the true

company receives from the
customer for merchandise sold
over what the company paid to the
vendor.

(True or false)

Gross profit is calculated as the Cost of goods sold

difference between net sales
revenue and ____________.

The main expense of a Cost of goods sold

merchandiser is usually ____________?

List the three steps, in order of 1) Purchase inventory

occurrence, of the operating cycle 2) Sell inventory

of a merchandising business. 3) Collect cash from customers

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Even in perpetual inventory system true

that updates the inventory account
and when transactions occur, the
business must count its inventory at
least once a year.

(True or false)

Merchandise inventory accounting Perpetual and periodic

systems can be broadly
categorized into two types. They
are _________________.

Credit terms of 2/10, n/30 indicate true

that a discount of 2% will be given
if payment is made within 10 days
of the invoice. Otherwise, the total
amount is due within 30 days of the
invoice.

(True or false)

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Under the perpetual inventory true

system, when a purchaser makes a
payment within the discount
period, the amount of discount will
be credited to the Merchandise
Inventory account.

(True or false)

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A company that uses the perpetual a debit to Accounts Payable for $63,000, a credit to Merchandise
inventory system purchases Inventory for $1,260, and a credit to Cash for $61,740
inventory for $63,000 on account,
with terms of 2/10, n/30. Which of
the following is the journal entry to
record 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 $1,260

B) a debit to Accounts Payable for

$63,000, a credit to Merchandise
Inventory for $1,260, and a credit to
Cash for $61,740

C) a debit to Merchandise
Inventory for $1,260, a debit to
Accounts Payable for $63,000, and
a credit to Cash for $64,260

D) a debit to Accounts Payable for

$61,740, a debit to Merchandise
Inventory for $1,260, and a credit to
Cash for $63,000

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Freight in is recorded in true

Merchandising Inventory account if
the purchaser uses the perpetual
inventory system.

(True or false)

On January 21, 2016, Bessant, Inc. purchase returns

received merchandise from
Mullies, Inc. On that date, it found a
few of these goods to be
damaged. On January 22, it
returned the damaged goods to
the seller. Such returns will be
treated as ________ by Bessant.

A) purchase returns

B) sales returns

C) purchase allowances

D) sales allowances

Under perpetual inventory system, Merchandise inventory

when a wholesaler returns the
goods purchased on account, the
___________ account is credited.

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