Principles of Accounting I - Chapter 6 Quiz - WEEK 6.docx -...

This preview shows page 1 - 3 out of 4 pages.

Principles of Accounting I-E-AH Gisselle M. MoshankoChapter 6 QuizQuestion 12 PointsThe entry to record inventory shrinkage under a perpetual inventory systemwould include a debit to:1.Inventory.2.Inventory Shrinkage Expense.3.Cost of Merchandise Sold.4.Sales.2.
Question 22 PointsIf each purchase and sale of merchandise is recorded in the inventory and thecost of merchandise sold accounts, the method of accounting for merchandiseinventory is the:
Question 32 PointsWhen purchases of merchandise are made on account and the perpetual methodis used, the transaction would be recorded with the following entry:
Question 42 PointsDuring the current year, merchandise is sold for $300,000 cash and for $625,000

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 4 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Fall
Professor
Staff
Tags
Sales, Generally Accepted Accounting Principles, Gisselle M Moshanko

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture