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[DOC File]Chapter 15, TEST 15B
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The merchandise inventory account is debited when. purchases of merchandise are made throughout the. year. _____ _____ At the end of the accounting period, the . merchandise inventory account is credited for the . beginning inventory amount. _____ _____ After posting adjusting entries, the debit amount . in the merchandise inventory accounts ...
cost of goods sold statement

[DOCX File]Issue - U.S. Department of Defense
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502. Cost of Goods Sold: Cost paid for merchandise sold. Cost of Goods Sold includes the cost of freight deemed to be material and readily assignable to individual inventory items or items transferred from other cost centers. This GLAC is to be used in conjunction with …
paid freight cost journal entry

[DOC File]Accounting for merchandising Business-recording ...
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A perpetual inventory system continuously records the amount of inventory on hand (perpetual =continuous). Under this system, the merchandise inventory account is debited or credited every time (goods) are bought or sold. When an item is sold, its cost is recorded in a separate cost of goods sold account in addition to recording sales.
schedule of cost of goods sold

[DOCX File]Winston-Salem/Forsyth County Schools / Front Page
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The merchandise inventory account has a balance of $1000. At the end of the month, a physical count of the inventory items shows only $600 is on hand. ... The cost of merchandise sold is $71,800. Answer: 3.03 Prototype Assessment Items – Page 7. Using the Year Ended worksheet for Fran's Furniture in . Figure 1, compute the Net Sales.
cost of goods sold transaction

[DOCX File]LaVerne Funderburk, CPA
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crease side of the account by writing DR for debit or CR for credit. Both parts of each compound answer must be correct in order for your response to be counted correct. A. Asset. D. Revenue. DR=debit. B. Liability. E. Cost of Merchandise Sold. CR=credit. C. Capital. F. Expense. 1. …
cost of goods sold example

[DOC File]Chapter 08 Inventories and the Cost of Goods Sold
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101. The amount of goods transferred from the Inventory account to the Cost of Goods Sold account during January was: A. $0. B. $84,000. C. $102,000. D. $56,000. Castle TV, Inc. purchased 1,000 monitors on January 5 at a per-unit cost of $185, and another 1,000 units on January 31 at a per-unit cost …
cost of goods sold is a liability

[DOC File]Chapter 1
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Sold merchandise on account. 11 Cost of Goods Sold 20,000. Merchandise Inventory 20,000. To record cost of sale. 12 Sales Returns and Allowances 1,200. Accounts Receivable – Wilson Purchasing 1,200. Accepted a return from a customer. 12 Merchandise Inventory 800. Cost of Goods Sold 800. Returned goods to inventory. 21 Cash 27,936. Sales ...
sold merchandise on account

[DOC File]Chapter 15, TEST 15A
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Accounts that are deducted from the Purchases account when. computing cost of goods sold--Purchases Returns and . Allowances and Purchases Discounts. _____ 2. Accounts that are deducted from Sales on the income ... Cost of merchandise sold. Purchases discounts 16,000. Worden Inc. Sales . Worden, Capital. Worden, Drawing. Unearned Software Revenue.
cost of merchandise formula

[DOC File]accountingreviewmaterials « Be a CPA with or without a ...
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The balance in the LIFO Reserve account at the end of 2007 was $80,000. The balance in the same account at the end of 2008 is $120,000. Green’s Cost of Goods Sold account has a balance of $600,000 from sales transactions recorded during the year. What amount should Green report as Cost of Goods Sold in the 2008 income statement? a. $560,000.
cost of goods sold statement

[DOC File]On December 1, 2010, Moreland Company had the following ...
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Aug 08, 2010 · Dec. 7 Received $3,200 cash from customers in payment of account (no discount allowed). 12 Purchased merchandise on account from King Co. $12,000, terms 2/10, n/30. 17 Sold merchandise on account $15,000, terms 1/10, n/30. The cost of the merchandise sold was $10,000. 19 Paid salaries $2,500. 22 Paid King Co. in full, less discount. 26 Received ...
paid freight cost journal entry

Cost of merchandise sold account