The company just took a physical count of inventory and found $75 worth of inventory wasunaccounted for. It was either stolen or damaged. Which journal would the company use to record thecorrection of the error in inventory?A. sales journalB. purchases journalC. cash receipts journalD. cash disbursements journalE. general journal
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The company just took a physical count of inventory and found $75 worth of inventory was
unaccounted for. It was either stolen or damaged. Which journal would the company use to record the
correction of the error in inventory?
A. sales journal
B. purchases journal
C. cash receipts journal
D. cash disbursements journal
E. general journal
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- The company just took a physical count of inventory and found $75 worth of inventory was unaccounted for. It was either stolen or damaged. Which journal would the company use to record the correction of the error in inventory? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalYou returned damaged goods to C.C. Rogers Inc. and received a credit memo for $250. Which journal(s) would the company use to record this transaction? A. sales journal only B. purchases journal and the accounts payable subsidiary ledger C. cash receipts journal and the accounts receivable subsidiary ledger D. cash disbursements journal and the accounts payable subsidiary ledger E. general journal and the accounts payable subsidiary ledgerWe record purchases of inventory for cash in which journal(s)?
- All of the following are documents used for inventory control except Oa. a receiving report. Ob. a petty cash voucher Oc. a vendor's invoice.The company just took a physical count of inventory and found $75 worth of inventory was unaccounted for. It was either stolen or damaged. Which journal would the company use to record the correction of the error in inventory? Group of answer choices 1.sales journal 2.purchases journal 3.general journal 4.cash disbursements journalWhich of the following documents associated with the purchases and cash disbursements cycle is most likely to lead to a journal entry that debits inventory and credits accounts payable? A Purchase requisition, purchase order and receiving report B Purchase order, receiving report and invoice C Purchase requisition, receiving report and invoice D None of these
- 45. Which of the following statements islare false about the steps in a purchase transaction? 1. The operating cycle of merchandising buniness invulves the purchase and sale of inventory as well as the subsequent payment for purchases and collection of cash. I. When certain items are needed, the user department fils in a purchase requisition form and sends it to the sales department. I The purchasing departiment prepares a sales order after checking with the price list, quotation, or catalogs of approved vendors. IV. After receiving the purchase order, the seller forwards an invoice to the purchaser upon shipment of the merchandise. V. Belore approving the invoice for payment, the accounts payable department compares copies of the purchase requisition, purchase order, recoiving report and invoice to ensure that quantities, description, and prices apee. O A. Il only O B. Il and II O C. II, III and IV O D. II, III, IV and VIf a business uses special journals (single purpose sales and purchases journals), which of the following statements are not correct? 1. All purchases of inventory on account are recorded in the purchases journal ii. All cash received, except from cash sales, is recorded in the cash receipts journal iii. All payments are recorded in the cash payments journal iv. A general journal is not necessary v. All sales transactions are recorded in the sales journal Ⓒa. i, ii, iii Ⓒb. ii, iii, iv OC NV,V Od. v Ⓒe ii, iv, vA retailer’s physical count of inventory was higher than that shown by the perpetual records.Which of the following could explain the difference?a. Inventory items had been counted, but the tags placed on the items had not been taken off and added to the inventory accumulation sheets.b. Credit memos for several items returned by customers had not been recorded.c. No journal entry had been made on the retailer’s books for several items returned to its suppliers.d. An item purchased FOB shipping point had not arrived at the date of the inventory count and had not been reflected in the perpetual records.
- the home office records inventory shipments to the branch by debiting the "shipments to branch account" a. true b. falseudding Search for Corporat... Which document authorizes the purchase of the inventory from an approved vendor? the petty cash voucher the receiving report the purchase order the vendor's invoice24. Which of the following is a characteristic of a periodic inventory system?a. The system reports how much inventory is on hand at all times.b. The system does not maintain a continuous record of the quantities of inventory on hand or inventory soldc. The computer tracks inventory upon a sale, and the cost of goods and inventory are immediately updated.d. Purchases of inventory are recorded to the inventory account.