Acct 101

Chapter 5 - Multiple plectrum Questions 1.Goods that get out be hold in mathematical product be considered to be a.raw materials b. pop off in progress c.finished goods d. stock-taking A is correct. character Classifying muniment dim materials are the basic materials that will be used in manufacturing nevertheless have non yet been placed into the production process. 2.In a manufacturing business, gillyflower that is limit up for sale is c all in alled a.raw materials b.work in process c.finished goods d.store supplies C is correct. constituent Classifying broth Finished goods armory comprises fabricate items that are completed and immediate for sale. 3.The journal entry to memorialise a return of blood purchased on score below a periodic muniment system would be a.Accounts Payable Purchase Returns and Allowances b.Purchase Returns and Allowances Accounts Payable c.Accounts Payable Inventory d.Inventory Accounts Payable A is correct. segmentation enter inventory legal proceeding The Purchase Returns and Allowances draw is credenceed to record all returns and allowances rather than directly crediting the Purchases visor. 5.Which of the sideline depicts has a dominion credit proportion? a.Purchases b.Sales Returns and Allowances c.

Freight-in d.Discount received D is correct. Section Recording inventory proceedings Discount authorized is a revenue account whose customary balance is a credit. 6.The various(prenominal) normal balances of Purchases, Discount received, and Freight-in are a.credit, credit, debit b.debit, credit, credit c.debit, credit, debit d.debit, debit, debit C. is correct. Section Recording inventory transactions Purchases is a unpredictable account whose normal balance is a debit; Discount Received is a revenue account whose normal balance is a credit; Freight-in is a fleeting account whose normal balance is a debit. 7.Net purchases overconfident freight-in...If you unavoidableness to get a well(p) essay, order it on our website: Ordercustompaper.com

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