When purchases of merchandise are made on account with a perpetual inventory system, the transaction is recorded with which entry

Answers

Answer 1

Answer:

debit Merchandise Inventory, credit Accounts Payable.

Explanation:

In the case when the merchandise is purchased on account, so the following journal entry is recorded

Merchandise inventory Dr XXXXX

      To account payable XXXXX

(Being merchandise inventory purchased on account)

Here merchandise inventory is debited as it increased the assets and credited the account payable as it also increased the liabilities


Related Questions

Which 3 statements about the Client request functionality are correct? Selecting Create client request on the Work screen begins the process Checking the Notify client checkbox means the client will be sent an email You can't add attachments to a client request You can request documents from a non-QuickBooks Online client To update the status of a client request, select the request and then the Status drop-down

Answers

Answer: • Selecting Create client request on the Work screen begins the process.

• Checking the Notify client checkbox means the client will be sent an email.

• To update the status of a client request, select the request and then the Status drop-down.

Explanation:

QuickBooks refers to an online accounting software that's utilized by several businesses and can be used in the request of information from ones clients.

From the options given, the statements about the client request functionality which are correct include:

• Selecting Create client request on the Work screen begins the process.

• Checking the Notify client checkbox means the client will be sent an email.

• To update the status of a client request, select the request and then the Status drop-down.

When the price of paintings is set at $500, the local art gallery supplies 20 paintings per week. When the price of paintings increases to $750, the gallery supplies 25 paintings. Calculate the price elasticity of supply using the mid-point formula. Instructions: Round your answer to two decimal places. If you are entering a negative number be sure to include a negative sign (-) in front of that number. The price elasticity of supply is: .

Answers

Answer:

the  price elasticity of supply is 0.555

Explanation:

The computation of the price elasticity of supply is given below:

= Percentage change in quantity supplied ÷ percentage change in price

= (25 - 20) ÷ (25 + 20) ÷ 2 ÷ (750 - 500) ÷ (750 + 500) ÷ 2

= 5 ÷45 ÷ 250 ÷ 125

= 0.555

Hence, the  price elasticity of supply is 0.555

The same is relevant

Omega Enterprises budgeted the following sales in units: January 40,000 February 30,000 March 50,000 Omega's policy is to have 30% of the following month's sales in inventory. On January 1, inventory equaled 8,000 units. February production in units is: a.36,000. b.40,000. c.20,000. d.28,000. e.26,500.

Answers

Answer:

a. 36,000

Explanation:

Calculation to determine what February production in units is:

Sales for the month 30,000

Add Ending inventory 15,000

(50,000*0.3)

Less Beginning inventory (9,000)

(30,000*0.3)

February production in units 36,000 units

Therefore February production in units is: 36,000 units

A project with an initial investment of $460,100 will generate equal annual cash flows over its 11-year life. The project has a required return of 8.2 percent. What is the minimum annual cash flow required to accept the project

Answers

Answer: $65,075.85

Explanation:

Given that the cash flow should be constant, it will be an annuity.

The initial investment will be the present value of this annuity.

Present value of annuity = Annuity * ( 1 - (1 + rate)^-number of periods) / rate

460,100 = Annuity * ( 1 - (1 + 8.2%) ⁻¹¹) / 8.2%

460,100 = Annuity * 7.070211525

Annuity = 460,100 / 7.070211525

= $65,075.85

The following data relate to direct materials for the month for the Hodge Wax Company: The standard costs for the work done was 5,900 pounds of wax at $9.50 per pound. The actual costs were 6,300 pounds at $9 per pound. What is the direct materials efficiency variance

Answers

Answer: $3800 U

Explanation:

The direct material efficiency variance will be calculated as follows:

Direct material efficiency variance = (Standard quantity - Actual quantity) × Standard price of material

= (5900 - 6300) × 9.50

= 400 × 9.50

= $3800 U

Therefore, the direct material efficiency variance is $3800 Unfavorable.

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