False 18. Which of the following accounts is not closed during the closing process? (1 Point) Owner's Capital Income Summary Commissions Revenues Owner's Withdrawals. 19. Under the periodic inventory system, the Purchases account is used to accum all purchases of merchandise for sale.

False 18. Which of the following accounts is not closed during the closing process? (1 Point) Owner's Capital Income Summary Commissions Revenues Owner's Withdrawals. 19. Under the periodic inventory system, the Purchases account is used to accum all purchases of merchandise for sale.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 24MC: Which of the following accounts are used when recording a purchase using a periodic inventory...

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Question

False
18. Which of the following accounts is not closed during the closing process? I
(1Point)
O: Owner's Capital
Income Summary
Commissions Revenues
Owner's Withdrawals.
19. Under the periodic inventory system, the Purchases account is used to accumu
all purchases of merchandise for sale.
Poin

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Which of the following accounts are used when recording a purchase using a periodic inventory system? A. cash, purchases B. accounts payable, sales C. accounts payable, accounts receivable D. cash, merchandise inventory
Using the perpetual inventory system, what account is debited when a business finds that its physical count of inventory is greater than the recorded amount?
Which of the following describes features of a perpetual inventory system? A. Technology is normally used to record inventory changes. B. Merchandise bought is recorded as purchases. C. An adjusting journal entry is required at year end, to match physical counts to the asset account. D. Inventory is updated at the end of the period.
Under the perpetual inventory system, how does the seller record sales made on account?
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Which of the following transactions would not result in an adjustment to the inventory account under a perpetual inventory system? a.The sale of merchandise for cash b.The sale of merchandise on credit c.The receipt of payment from a customer within the discount period d.The return of merchandise by a customer
Required information [The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 35 shovels, for a total cost of $175. The company had the following transactions during the month: Sold 9 shovels on account at a selling price of $10 per unit. January 2 January 16 Sold 12 shovels on account at a selling price of $10 per unit. January 18 Bought 4 shovels on account at a cost of $5 per unit. January 19 Sold 12 shovels on account at a selling price of $10 per unit. January 24 Bought 12 shovels on account at a cost of $5 per unit. January 31 Counted inventory and determined that 15 units were on hand.
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