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Inventory Transactions

Authored by Yvonne Daly

Business

12th Grade

Used 5+ times

Inventory Transactions
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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Purchase of inventory on credit

Dr Inventory, Cr GST, Cr Accounts Payable

Dr Accounts Payable, Cr Inventory, Cr GST

Dr Inventory, Dr GST, Cr Accounts Payable

Dr Inventory, Cr Cost of Goods Sold

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Purchase of inventory returns

Dr Inventory, Cr GST, Cr Accounts Payable

Dr Accounts Payable, Cr Inventory, Cr GST

Dr Inventory, Dr GST, Cr Accounts Payable

Dr Inventory, Cr Cost of Goods Sold

3.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Sale of inventory includes the following two GJ entries

Dr Cost of Goods Sold, Cr Inventory

Dr Accounts Receivable, Cr Sales, Cr GST

Dr Inventory, Dr GST, Cr Accounts Payable

Dr Inventory, Cr Cost of Goods Sold

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Drawings of Inventory

Dr Cost of Goods Sold, Cr Inventory

Dr Accounts Receivable, Cr Sales, Cr GST

Dr Drawings, Dr GST, Cr Inventory

Dr Drawings, Cr GST, Cr Inventory

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Inventory increasing is a

Debit

Credit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cost of Goods Sold increasing is a

Debit

Credit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cost of Goods Sold decreasing is a

Debit

Credit

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