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 Accounting  |  Question 93 of 150    Print  
Using Periodic inventory system
Using Periodic inventory system: debit creditMerchandise inventory 7/1/05 32,000Sales 380,000Sales returns 12,000purchases 240,000 purchase discounts 6,000purchase returns 10,000freight-in


  
Total Answers and Comments: 0 Last Update: November 11, 2007     Asked by: stayhomemom 
  
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Latest Answer : Perpetual updates the inventory immediately Periodic inventory updates on monthly basis. ...

Latest Answer : To maintain stock levels ...
Read Answers (7) | Asked by : ferozbm

The principles of developing an accounting information system do not include a usefulnessb flexibilityc cost effectiveness d elimination of human involment

If i have paid for something why cant i expense the entire amount on the income statement?why do we need to make an adjustment to the insurance policy at the end of the year? wouldn't it have easier to record the entire balance as an expense in November when the policy was ?purchased?why do I need to take an inventory count of my supplies at the end of the year?If I receive the Hydro bill on August 5th, why don't we record the transaction for the next fiscal period rather then include
Read Answers (1) | Asked by : Nick

Who invented double entry system? 
Latest Answer : It is not really known but the one who is credited for the same is LUCA DE BARGO PACIOLIhe was calss mate of Leonardo da Vinci.book Summa de arithmetica in 1494 was wrote by himThis book mentions double entry book keeping system as one of the methods ...
Read Answers (1) | Asked by : Raj Kumar

Using Periodic inventory system: debit creditMerchandise inventory 7/1/05 32,000Sales 380,000Sales returns 12,000purchases 240,000 purchase discounts 6,000purchase returns 10,000freight-in 
View Question | Asked by : stayhomemom

What are the documents require for the payment?What are the expenses are made in inventory stock? 
Latest Answer : In making payment for buying stock/goods we need invoice/bill and lorry receipt or bill of lading. If the goods are brought via air transport then airway bill or whatever name it is called by.And then when you make a payment you need to take receipt. ...
Read Answers (1) | Asked by : asgarali

What is the difference between the periodic and perpetual method, How will you record it your book? 
Latest Answer : I am not sure in what context the user is asking but periodic and perpetual are two methods used for inventory control. Periodic inventory is undertaken more commonly  to calculate the value of actual inventory of goods for the purpose of closing ...
Read Answers (1) | Asked by : zelle

In which inventory pricing procedure the oldest costs incurred rarely have an effect on the end inventory valuation? 
View Question | Asked by : shahidgeeks


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