Accounting
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under a perpetual inventory system, the adjusting entry to account for inventory shrinkage would include
a. credit to miscellaneous expense.
b. credit to cost of goods sold.
c. credit to inventory.
d. debit to miscellaneous expense.

a café that sells smoothies often has fruit that becomes rotten and the employees have to throw it away. what type of system does the café use to count inventory?
a. agricultural inventory system
b. periodic inventory system
c. perpetual inventory system
d. continuous inventory system

samantha is the manager of a sporting goods store. a customer came in to return a fishing reel because the reel didnot work properly. in what type of account will samantha record tis transaction?
a. sales revenue account
b. cash sales account
c. allowances and returns account
d. contra account

which accounts are affected in the closing process under a perpetual inventory system?
a. income from operations and cost of goods sold
b. cost of goods sold, sales returns and allowances, and sales discounts
c. gross profit, sales returns and allowances, and sales discounts
d. operating expenses, sales revenue, and gross profit

game land is an online video game retailer that sells video games at discounted prices. because the store is strictly online, it is important that they have all inventory accounted for and up-to-date inventory totals published on their website. which inventory system is the best choice for game land to invest in?
a. video inventory system
b. periodic inventory system
c. perpetual inventory system
d. continuous inventory system

the entry to record the return of $25 of inventory to a supplier under the perpetual inventory system is recorded with a debit to
a. accounts payable and a credit to purchase discounts.
b. purchase returns and allowances and a credit to accounts payable.
c. accounts payable and a credit to inventory.
d. inventory and a credit to accounts payable.

a furniture company in california needs to purchase wood to build its next line of patio chairs. the purchasing manager is looking into purchasing timber from a company that is located in michigan, but will only agree to pay for the timber after it has been delivered. in this case, which party would pay for freight costs?
a. the freight costs will be paid by the buyer.
b. the freight costs will be paid by the seller.
c. the freight costs will be divided in half.
d. the buyer will reimburse the seller for freight costs.

refer to the following table:

what is the gross profit?

sales revenue $460,000
cost of goods sold 300,000
sales discounts 20,000
sales returns and allowances 15,000
operating expenses 85,000
interest revenue 5,000
a. $125,000
b. $105,000
c. $140,000
d. $90,000

the following data are for the roadrunner corporation, which uses a perpetual inventory system:
sales revenue $600,000
freight-in $42,000
beginning inventory $77,000
purchase discounts $19,000
sales returns and allowances $85,000
operating expenses $77,000
ending inventory $81,000
purchases of inventory $415,000
sales discounts $35,000
joseph roadrunner, withdrawals $71,000
purchase returns and allowances $39,000

the cambridge market purchases a large variety of fans on may 1st in preparation for the hot summer weather. the market sells all their inventory of fans by september 15th. what is the operating cycle of fan inventory?
a. may 1st – june 1st
b. september 15th – june 1st
c. may 15th – september 15th
d. may 1st – september 15th