Ch 5
A discount as the seller goes in which account?
Sales
whats the difference between FIFO Periodic and FIFO Perpetual?
No difference
Name 2 things that would go on the bank side
deposits in transit
outstanding checks
A discount as a buyer goes where
Inventory
what is the difference between LIFO Perpetual and LIFO periodic?
Lifo periodic starts at the VERY bottom to the top.
Lifo perpetual goes in the day of the sale and takes from the bottom AT THAT POINT IN TIME
deposits in transit do what to the bank side
add
The terms 2/10, n/30 mean what?
outstanding checks do what to the bank side
decrease it (you subtract)
Which accounts are used to record a seller selling inventory?
Cr COGS, Dr sales
Total inventory - COGS gives you what?
ending inventory
The bank credits your account for a note rec, what does this do to the book side?
Add-> You made money
What is COGS Classified as?
Expense account
Weighted Avg cost is usually in the middle of LIFO and FIFO (true or false?)
true
What is the JE for an NSF charge?
Dr Acc Rec
Cr Cash