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why is merchandise inventory reversed
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∙ 10y ago
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What are disadvantages of reversing entries?
Some of the disadvantages of reversing entries would be that an error can either overstate or understate the account, reversing entries also doubles the work for accountants and it also increases the chances for errors.
What is the function of reversing entries in accounting cycle?
A reversing entry removes an estimate when the actual amounts are known. For example, if you accrued your telephone bill at the end of the month, you would reverse the accrual in the following month when you receive and post the actual telephone bill.
When merchandise is returned under the perpetual inventory system the buyer would credit a. Accounts Payable b. Merchandise Inventory c. Purchases Returns and Allowances...?
The Buyer would likely perform the following transaction: DR- Account Receivable CR - Merchandise Inventory The Buyer would probably debit CASH if they receive CASH from the Seller instead of having to WAIT on it. The Merchandise Seller would perform the following transaction: DR - Merchandise Inventory CR - Accounts Payable, OR CASH
The entry to record the return of merchandise from a customer would include what?
debit to sales
The adjustment to record inventory shrinkage would increase merchandise inventory?
yes
What are disadvantages of reversing entries?
Some of the disadvantages of reversing entries would be that an error can either overstate or understate the account, reversing entries also doubles the work for accountants and it also increases the chances for errors.
What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise?
Merchandising, Recording Purchases of Merchandise, Recording Sales of Merchandise, Income Statement Presentation Operations, and Evaluating Profitability.
What is the function of reversing entries in accounting cycle?
A reversing entry removes an estimate when the actual amounts are known. For example, if you accrued your telephone bill at the end of the month, you would reverse the accrual in the following month when you receive and post the actual telephone bill.
How would you design an algorithm for reversing two adjacent entries on a stack if you were given three stacks and you were only allowed to move entries one at a time from one stack to another?
Research Towers Of Hanoi http://en.wikipedia.org/wiki/Tower_of_Hanoi You will find your answer
How would you verify the ending inventory item in auditing?
ending inventories are verified by comparing purchases and sales. the difference is ending inventories then do a physical count, to make sure that what's on papers are the same compared to the actual inventories on hand.
Who is at fault when car reversing into space hits a car in road?
The reversing car attempting to park would be at fault. The car already traveling in the road would have the right of way since they are already properly in motion and traveling in the correct direction of traffic.. The reversing car would be traveling against the flow of traffic and has an obligation to ensure that the way is clear before reversing.
You are pulling some merchandise from the stock room and you notice an empty merchandise package on the floor What would you do?
tell the manager
Whose homeowner insurance covers loss of merchandise stolen from a car the owner of the home or the owner of the merchandise?
The policy that applies to the merchandise owner, is the policy that would provide the coverage.
What is the likelihood of winning a typical online sweepstakes?
The likelihood of winning an online sweepstakes depends on how many entries one has, and how many total entries are in the sweepstakes. For example, if there are 100 total entries, and one has 5 entries into the sweepstakes, that person has a 5% chance of winning the prize. As with any contest, the more entries one has, and the smaller the total number of entries is, the better one's chances are.
When merchandise is returned under the perpetual inventory system the buyer would credit a. Accounts Payable b. Merchandise Inventory c. Purchases Returns and Allowances...?
The Buyer would likely perform the following transaction: DR- Account Receivable CR - Merchandise Inventory The Buyer would probably debit CASH if they receive CASH from the Seller instead of having to WAIT on it. The Merchandise Seller would perform the following transaction: DR - Merchandise Inventory CR - Accounts Payable, OR CASH
What is the minimum distance for reversing a car from a garage?
till it clears the door i would guess
Another name for dictionary entries?
A different name for dictionary entries would be a definition. You could also use the word explanation in place of definition.
