Study Guide test 2 - Accounting 201 Test 2 Study Guide As...

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Accounting 201 Test 2 Study Guide As you know this test will be composed of four components: In-class Multiple Choice (on 10/26) In class Journal Entries (on 10/26) Take Home given in class on 10/26, collected on 10/31 Davis Consulting Round 2 due on 10/31 Terminology to know: Sales Revenue Cost of Goods Sold Merchandise Inventory Merchandiser Service Provider Manufacturer Selling and Administrative Expenses Perpetual Periodic FIFO LIFO Weighted Average Specific Identification Wholesale Retail How do you record the purchase of inventory on account for a perpetual inventory user? How do you record the purchase of inventory on account for a periodic inventory user? 2/10, n/30 Freight out Freight In
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How do you record the sale of inventory on account for a perpetual inventory user? How do you record the sale of inventory on account for a periodic inventory user? Journal entry to record cost of goods sold in a perpetual inventory system?
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  • Fall '13
  • Goods Sold, perpetual inventory user, periodic inventory user

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