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1) Purchased offi ce supplies on account. This will be recorded with: A) a debit to a liability and a credit to an asset. B) a credit to a liability and a debit to an asset. C) a credit to an asset and a debit to an expense. D) a debit to an asset and a credit to an expense. 2) The journal entry to record the return of a purchase of inventory under the perpetual system includes a: A) credit to Merchandise Inventory. B) credit to Purchases. C) debit to Purchases Returns and Allowances. D) debit to Merchandise Inventory. 3) The inventory method that matches old costs with current selling prices is: A) specifi c invoice. B) LIFO. C) FIFO. D) weighted-average. 4) Deluth Corporation has a normal gross profi t of 40%. The current year's beginning inventory was $2,000, purchases were $5,000, and retail sales were $6,000. The estimated ending inventory under the gross margin method is: A) $3,600. B) $3,400. C) $3,450. D) $4,500. 5) Supplies bought on account were returned for credit and recorded with a debit to Accounts Payable and a credit to Merchandise Inventory. This error would cause: A) the period's net income to be understated. B) the period end cost of goods sold to be understated. C) the period end cost of goods sold to be overstated. D) None of these are correct.
what would the net income be in the following scenario? i have tried for 4 hrs to get it correct and am at wits
1 in the reaction workup why does the addition of hcl cause the product to precipitate?2 explain why iodination occurs
broadway arts inc. produces and sells theater set designs and costumes. the company began operations on january 1 2010.
84 payment for merchandise sold on credit for 100 subject to 210 n30 was received within the discount period - 98 was
on may 31 2008 james logan company had a cash balance per books of 6559.53. the bank statement from farmers state bank
benzoyl chloride c6h5cocl reacts with water to form benzoic acid c6h5cooh and hydrochloric acid. this first-order
1 the entry to record the employers payroll taxes would include a a credit to state and federal unemployment tax
hector p. wastrel a careless employee left some combustible materials near an open flame in salter companys plant. the
which of the following ground state ions isare diamagnetic?i. fe 2 ii. zn 2 iii. cu 1 iv. ni2 v. v3a i iv only b i iii
which of these ground-state gaseous ions has the largest number of unpaired electrons?a v2b cr 2c fe 3d co 2e ni
This is the data table about my city that I live in 1990 and 2000 and difference 1990 2000 Difference-What information from this table do you find to be most interesting? Give 2 to 4 sentences of explanation.
several years ago polar inc. acquired an 80 interest in icecap co. the book values of icecaps asset and liability
Purchased office furniture on credit from Goodyear supply for defective office furniture received on may 10 and returned for credit. The return of defective furniture will reduce the residual value remaining furniture to $3000.
The installation cost for this equipment was $25,000. The firm plans to depreciate the equipment using the MACRS 5-year normal recovery period. Prepare a depreciation schedule showing the depreciation expense for each year.
a bond has a par value of 1000 pays 50 semiannually and has a maturity of 10 years. if the bond earns 12 per year what
southwest hospital has fixed costs of 100 million per year. variable costs represent approximately 80 of the total
Fixed expenses charged to the department are $65,000 per year. It is estimated that $40,000 of these fixed expenses could be eliminated if the department is discontinued. These data indicate that if the department is discontinued, the company's ov..
Criticize the positions taken by Pherson and Collier, and express your own opinion about the similarities and differences that should exist in understanding internal control and assessing control risk for different-sized companies.
lifestyle lighting ltd. reported the following on its balance sheet at december 31 2010capital assets at costland
the lansing community college registrars office is considering replacing some canon copiers with faster copiers
3 page paper on analysing a company and the company would be Chipotle Mexican Grill.
The Mejicano company is planning to purchase a piece of equipment that will reduce annual cash expenses over its 5-year useful life by equal amounts.
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