Grogan Company purchases inventory on account with a cost of $1,000 and a retail price of $2,000. Grogan Company uses the perpetual inventory method. What journal entry is required on the date of purchase?
举一反三
- When using a perpetual inventory system, A: no Purchases account is used. B: a Cost of Goods Sold account is used. C: two entries are required to record a sale. D: All of these.
- In a financial accounting system what would be the double entry for the purchase of raw materials? A: Dr Raw material inventory, Cr Payables control account B: Dr Raw material inventory, Cr Cost control account C: Dr Payables control account, Cr Dr Raw material inventory D: Dr Cost control account, Cr Dr Raw material inventory
- Opening inventory of raw materials was $58,000, closing inventory was $63,000, purchases were $256,000, purchase returns were $17,000. What was cost of sales?? $244,000|$234,000|$239,000|$256,000
- Which of the following is the correct formula for cost of sales? A: Opening inventory – purchases + closing inventory B: Purchases – closing inventory + sales C: Opening inventory + closing inventory – purchases D: Opening inventory – closing inventory + purchases
- In a financial accounting system what would be the double entry for the issue of direct materials to production? A: Dr Raw material inventory, Cr Work in progress B: Dr Raw material inventory, Cr Cost control account C: Dr Work in progress, Cr Raw material inventory D: Dr Cost control account, Cr Raw material inventory