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Author Question: When the perpetual inventory system is used, the inventory sold is shown on the income statement as ... (Read 141 times)

melly21297

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on: Jul 5, 2018
When the perpetual inventory system is used, the inventory sold is shown on the income statement as
 a. cost of merchandise sold
  b. purchases
  c. purchases returns and allowances
  d. net purchases

Question 2

The accountant for Jem's Jewelry is reconciling the company's cash account with the bank statement. Below is a list of items that will be included in the reconciliation.
 
  Write the LETTER for each item as either an addition to or a subtraction from either the bank balance or the book balance.
 
  a. Bank service charges for the month were 35.
  b. Jem's Jewelry recorded a deposit of 134. The bank correctly recorded the deposit as 143.
  c. A deposit of 400 was mailed to the bank, but has not been recorded by the bank.
  d. Jem's Jewelry correctly recorded a deposit of 89. The bank recorded the deposit as 98.
  e. 1,555 worth of checks were outstanding.
 
  Bank Balance Book Balance
  Add: Add:
 
  Subtract: Subtract:


samiel-sayed

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Reply #1 on: Jul 5, 2018
Answer to Question 1

a

Answer to Question 2

Bank Balance Book Balance
Add: Add:
c. b.

Subtract: Subtract:
d. a.
e.


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