Q-mart uses the periodic inventory system. A physical count of inventory revealed it had $6,000 of inventory remaining at year end. Given the partial list of accounts below, the entry to close the temporary credit balance accounts and update the Merchandise Inventory account would include all of the following.  AccountDebitCreditSales $20,000Purchase Discounts $ 1,000Merchandise Inventory (Beg. Balance)$5,000 Owner, Capital $10,000Multiple select question.Debit Merchandise Inventory (ending balance) $6,000.Credit Merchandise Inventory (ending balance) $6,000.Credit Purchases Discounts for $1,000.Credit Sales for $20,000.Debit Purchase Discounts $1,000.Debit Sales $20,000.

Select all that applyXYZ Company uses the periodic inventory system to account for its merchandise purchases. A physical count of inventory at year end revealed that $6,000 of inventory was on hand. Given the partial list of accounts below, show your understanding of the entry to close the temporary debit balance accounts and update the Merchandise Inventory account by selecting all of the correct answers below.  AccountDebitCreditSales Returns and Allowances$ 1,000 Sales Discounts$ 500 Wages Expense$ 300 Purchases$36,000 Merchandise Inventory (Beg. Balance)$5,000 Multiple select question.Debit Merchandise Inventory for the beginning balance of $5,000Credit Merchandise Inventory for the beginning balance $5,000.Debit Sales Discounts $500.Credit Sales Discounts $500.Credit Purchases $36,000.Debit Purchases $36,000.

X-Mart purchased $300 of merchandise on account. Demonstrate the journal entry to record this transaction, under the periodic inventory system.Multiple choice question.Debit Merchandise Inventory $300 and credit Sales $300.Debit Purchases $300 and credit Accounts Payable $300.Credit Merchandise Inventory $300 and debit Accounts Payable $300.Debit Merchandise Inventory $300 and credit Accounts Payable $300.

X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise on credit with terms of 1/10,n/40. Demonstrate the required journal entry to record the receipt of payment on May 25 by selecting all of the correct actions below.Multiple select question.Credit Accounts Receivable $1,400.Debit Accounts Receivable $1,400.Debit Sales Discounts $14.Debit Cash $1,400.Credit Cash $1,400.Credit Sales Discounts $14.

The following adjusted account information, in alphabetical order, was taken from the worksheet of John’s Electronics for the month ended April 30, 2023. A physical count on April 30, 2023, revealed a merchandise inventory balance actually on hand of $2,540. John’s ElectronicsUnadjusted Trial BalanceFor Month Ended April 30, 2023No. Account Debit   Credit  201 Accounts payable       $ 2,198  154 Accumulated depreciation, trucks         16,400  101 Cash $ 2,000        611 Depreciation expense, delivery trucks   720        633 Interest expense   110        301 John Yu, capital         27,176  302 John Yu, withdrawals   9,600        119 Merchandise inventory   6,500        507 Purchase discounts         36  506 Purchase returns and allowances         100  505 Purchases   16,940        413 Sales         37,700  414 Sales returns and allowances   1,820        688 Telephone expense, office   140        689 Telephone expense, store   420        508 Transportation-in   460        153 Trucks   30,400        623 Wages expense, office   5,700        624 Wages expense, selling   8,800          Totals $ 83,610   $ 83,610  Required:a. Calculate net sales.b. Calculate cost of goods sold. c. Prepare a classified multiple-step income statement for the month ended April 30, 2023. (Input all amounts as positive values.)

Summarize a periodic inventory system by selecting all of the correct statements below.Multiple select question.The Purchases account is used during the period.The Purchase Discounts account is used during the period.The Purchase Returns and Allowances account is used during the period.When a company records a sale, it also records the cost of the goods sold.The Merchandise Inventory account is updated every time a sale is made.Cost of goods sold is computed at the end of the period.The balance in the Merchandise Inventory account remains the beginning balance until the end of the period.The Merchandise Inventory account is updated only at the end of the period.