ACC 225 WEEK 5 CHECKPOINT - INVENTORY SYSTEMS AND CALCULATING REVENUES, EXPENSES, AND INCOME

ACC 225 WEEK 5 CHECKPOINT - INVENTORY SYSTEMS AND CALCULATING REVENUES, EXPENSES, AND INCOME

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Week 5 CheckPoint: Inventory Systems and Calculating Revenues, Expenses, and Income CheckPoint: Inventory Systems and Calculating Revenues, Expenses, and Income · Resource: Fundamental Accounting Principles, pp. 206, 208, and 209. · Due Date: Day 5 [Individual] forum · Complete Quick Study question QS 5-8 on p. 206 and Exercises 5-9 and 5-13 on pp. 208-209. · Post your answers as an attachment.
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QS 5-8A Contrasting periodic and perpetual systems Identify whether each description best applies to a periodic or a  perpetual inventory system.  a. Provides more timely information to managers.   Perpetual  b. Requires an adjusting entry to record inventory shrinkage.  Perpetual c. Markedly increased in frequency and popularity in business within the past decade.   Perpetual  d. Records cost of goods sold each time a sales transaction occurs .  Perpetual :   Exercise 5-9 sales  a)$60,000  b)$42,500  c)$36,000  d)?  e)23,600
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This note was uploaded on 10/17/2011 for the course ACC 225 acc 225 taught by Professor Unknown during the Spring '10 term at University of Phoenix.

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ACC 225 WEEK 5 CHECKPOINT - INVENTORY SYSTEMS AND CALCULATING REVENUES, EXPENSES, AND INCOME

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