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Journal entries are required for all adjustments to the “cash balance per bank statement” in a bank reconciliation,

In a perpetual inventory system, two entries usually are made to record each sales transaction. The purposes of these entries are best described as follows: 

A 3-month note dated July 1 has a maturity date of October 1. 

Which of the following statements regarding cost flows is true?

The credit term 1/10, n/30 means: 

At the end of an accounting period, the “cash balance per bank statement” on that date is usually the proper cash amount to show on the balance sheet.

The Luann Company uses the periodic inventory system. The following May data are for an item in Luann’s inventory:  Quantity Unit Cost  Total Costs Beginning balance, May 1 10 $8 $80 Purchased  70  $10 $700 Sold 50 Purchased 25 $12 $300   Calculate the Cost of Goods Sold for May and Ending Inventory at May 31 using the last-in, first-out (LIFO). 

Goods in transit should be included in the inventory of the buyer when the

The following are selected transactions of Clarksburg Stores:   July 20 Sold and shipped $80,000 merchandise on account to Patrick, Inc., terms 2/10, n/30. The cost of merchandise sold is $60,000. 28 Received a check from Patrick, Inc. for full settlement of the July 20 transaction.   Based on the information given, answer questions 9-10.   Which of the following journal entries correctly record the transaction on July 20?  

The periodic inventory system differs from the perpetual inventory system: