ACG 2021 Patterson Exam 2,3 Test Questions and and All Actual Answers.

ACG 2021 Patterson Exam 2,3 Test
Questions and and All Actual
Answers.
Purchase using Perpetual Method - Answer Inventory xxx

A/P xxx

(if purchase was made on account)



Purchase Return using Perpetual Method - Answer A/P xxx

Inventory xxx

(if purchase was made on account)



Purchase Discount using Perpetual Method - Answer A/P xxx

Cash xxx

Inventory xxx

(if purchase was made on account)



Purchase Shipping - Answer Inventory xxx

Cash xxx

(if FOB shipping point)



Net Purchases - Answer Purchase Price

+ Shipping? Freight In

- Purchase Returns

- Purchase Discounts

- Purchase Allowances



Sales using Perpetual Method - Answer Revenue:

A/R xxx

Sales Revenue xxx



Expense:

COGS xxx

Inventory xxx

, (if sale was made on account)



Sales Return using Perpetual Method - Answer Revenue:

Sales Revenue xxx

A/R xxx



Expense:

Inventory xxx

COGS xxx



(if sale was made on account)



Sales Discount using Perpetual Method - Answer Expense:

Cash xxx

Sales Discount & Returns xxx

Inventory xxx



Sales Shipping - Answer Freight-Out Expense xxx

Cash xxx

(if FOB destination point)



Net Sales - Answer Sales

- Sales Returns

- Sales Discounts

- Sales Allowances



Periodic Formula when you are given Beginning Inventory (not a ratio) - Answer Beginning
Inventory

+Net Purchases

=GAFS

-Ending Inventory

=COGS



Multistep Income Statement - Answer Sales Revenue