rospere General Merchandise. earning Task 4: Below are a nu "ospere General Merchandise. rinciple, information characteris aswer in your notebook. The company prepares financ by the ASC. The assets and owner's cani
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- eps in the accounting cycle are required; none is optional. ACTIVITY 4: IDENTIFYING THE ACCOUNTS AFFECTED Instructions: Identify the ACCOUNTS TITTLES that are affected by the transactions described below. The first item is given as an example. TRANSACTIONS ACCOUNTS TITTLES AFFECTED Example: Owner's cash investment to Cash Owner's Capital the business 1. Sale of goods on account (disregard cost of sales) 2.Charging the cost of goods sold #1 above as expense 3.Purchase of inventory for cash 4.Payment of utilities expense 5. Payment of accounts payable DELLWhich of the following situations may give rise to unearned revenue? Select one: a. Providing trade credit to customers. O b. Providing manufacturer warranties. c. Selling magazine subscriptions. O d. Selling inventory.Indicate the best answer(s) for each question: Which of the following statements about perpetual merchandising activities is true? (Identify the two correct answers.) a As inventory is purchased, the Purchase account is Debited and |Cash (or Accounts Payable) is credited. b Inventory is recorded as an asset when it is first purchased. c As inventory is sold, its cost is transferred from the balance sheet to the income statement. d As inventory is sold, its cost is transferred from the income statement to the balance sheet
- Select the best answer for the question 6. An example of a contra-revenue account found on the Income Statement is the O A. Sales Returns and Allowances. OB. Purchase Returns and Allowances. OC. Transportation-in ⒸD. Uncollectible Accounts Expense. Mark for review (Will be highlighted Next QuestionesWhich of the following situations may give rise to unearned revenue? Select one: a. Providing trade credit to customers. b. Selling inventory. c. Providing manufacturer warranties. d. Selling magazine subscriptions.For each transaction, suggest two internal controls you would implement. Justify your response. Here's an example to guide you: · A. Transaction: Big Marker purchased supplies on account, $100. B. Business process: Acquisition/ payment. C. Journal entry: Debit Supplies $100. Credit Accounts Payable $100. D. Elements: Supply is an asset; accounts payable, a liability E. Forms: Purchase requisition and purchase order. F. Additional information: name of the primary contact person at the vendor, specific type and quantity of supplies purchased (e.g., 10 boxes of paper clips) G. Internal controls: Transaction authorizations would ensure that only the purchasing department can issue purchase orders. Sending a blind copy of the purchase e Receiving department would aid in the segregation of duties.
- A Company pays its suppliers for inventory that it previously purchased. The entry to record that transaction should be: Group of answer choices A debit to accounts payable and a credit to cash A debit to cash and a credit to accounts payableA company regularly purchases materials from a manufacturer on credit. Payments for these purchases occur within the companys operating cycle. They do not include interest and are established with an invoice outlining purchase details, credit terms, and shipping charges. Which current liability situation does this best describe? A. sales tax payable B. accounts payable C. unearned revenue D. income taxes payableIdentify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. sold goods to customers on credit B. collected cash from customer accounts C. sold goods to customers for cash D. collected cash in advance for goods to be delivered later
- From the following list, identify which items are considered original sources: A. prepaid insurance B. bank statement C. sales ticket D. general journal E. trial balance F. balance sheet G. telephone bill H. invoice from supplier I. company sales account J. income statementMs. Andrews is a customer of the Edsell Company. In the object-oriented design approach A. Ms. Andrews is an instance in the object class accounts receivable B. the amount Ms. Andrews owes the Edsell Company is an operation C. determining the amount past due is an attribute D. the object class accounts receivable inherits all the attributes of Ms. AndrewsUnder what circumstances would accounts receivable be posted as a credit balance : A. When the business provides additional credit to itscustomer B. When the business receives additional revenue C. when the business receives additional revenue D. When the business pays to its suppliers