quiz 5 - Quiz 5 88 1 InExercise53, A.3,600...

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Quiz 5 – 88% 1. In Exercise 5-3, the April 8 Journal Entry debits Accounts Payable for: A. 3,600 2. In Brief Exercise 5-9, Gross Profit is:  C. $248,000 3.  Which of the following statements are true about Perpetual Inventory Systems and  Periodic Inventory Systems? 1. Periodic Inventory Systems provide a continuous  “running total” of the current balances of both COGS and INV 2. Perpetual Inventory  Systems provide a continuous “running total” of the current balances of both COGS and  INV 3. Periodic Inventory Systems require a “Wall-to-Wall” physical count of all INV  items, in order to determine the Ending INV dollar amount. 4. Perpetual Inventory  Systems require a “Wall-to-Wall” physical count of all INV items, in order to determine the  Ending INV dollar amount. B. 2 and 3 4.  ______________ are computerized systems that make the use of Perpetual  Inventory Systems practical. D. Enterprise Resource Planning (ERP) systems 5.  Under a perpetual inventory system A. accounting records continuously disclose the amount of inventory. 6.  When Wal-Mart purchases merchandise inventory from a supplier with terms “FOB  Shipping Point” stated in the Purchase Order, which of the following is true? B. Wal-Mart pays the Freight-in costs 7.  A company using a perpetual inventory system that returns goods previously  purchased on credit would A. debit Accounts Payable and credit Merchandise Inventory.
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This note was uploaded on 07/16/2010 for the course ACCT 2302 taught by Professor Dr.winking during the Spring '10 term at Tulane.

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quiz 5 - Quiz 5 88 1 InExercise53, A.3,600...

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