Homework Answers
Add Answer to:
Part of the journal entry to record the cost of an item for $30 that sold...
Under a perpetual inventory system, the entry to record the cost of goods sold would include...
Under a perpetual inventory system, the entry to record the cost of goods sold would include a debit to O A. Inventory and a credit to Sales Revenue for the retail price of the inventory OB. Inventory and a credit to Cost of Goods Sold for the cost of the inventory OC. Cost of Goods Sold and a credit to Inventory for the cost of the inventory OD. Cost of Goods Sold and a credit to Inventory for the retail...
When merchandise is sold for cash, two entries are recorded. The second entry, to record the...
When merchandise is sold for cash, two entries are recorded. The second entry, to record the cost of merchandise sold, is OA) debit Cost of Goods Sold; credit Inventory OB) debit Inventory; credit Cost of Goods Sold C) debit Cost of Goods Sold; credit Sales OD) debit Accounts Receivable; credit Inventory
Journal Entry 2 and 3: Record the sales revenue. Record the cost of goods sold. On...
Journal Entry 2 and 3:
Record the sales revenue.
Record the cost of goods sold.
On July 8, Compusoft recelves $200,000 from a customer toward a cash sale of $0.90 million for customized computer equipment to be completed on August 1. The remaining $700,000 payment is recelved upon delivery of the product on August 1. The equipment had a total production cost of $690,000. What Journal entries should Compusoft record on July 8 and August 1? Assume Compusoft uses the...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue (4) cr. dr. Cash (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchased on dr. Accounts Receivable dr. Choose......
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer,...
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer, of merchandise purchased on account includes a: Select one: a. Credit to Purchases Returns b. Debit to Sales Returns and Allowances c. Debit to Accounts Receivable d. Debit to Cost of Goods Sold
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms...
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms of 3/16, 1/40. Defective inventory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted if the company paid the invoice 30 days later, the journal entry to record the payment would be O A 5430.000 debit to Accounts Payable and 5430,000 credit to Cash O . 5500.000 debit to Accounts Payable and $500,000 credit to Cash OC. 3500,000 debit to...
How do you record the following entry? 12/28 Received inventory item 1005 (30 units at $250...
How do you record the following entry? 12/28 Received inventory item 1005 (30 units at $250 plus shipping of $15) from MNO Inc. on account. Watson Sales uses a perpetual inventory system. [Hint: Shipping is part of the cost of inventory. This is important now and later for Cost of Goods Sold.]
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
16-20 Weston Jewellers uses the perpetual inventory system. On April 2. Weston sold merchandise with a...
16-20
Weston Jewellers uses the perpetual inventory system. On April 2. Weston sold merchandise with a cost of 407 314,152 for delivery of the merchandise. Calculate the amount of net sales revenue Round any intermediary G ions and your fa 4/15.30 Westonad 150 custom count with the t hers ) O A 514.902 OR $8,487 OC. 514.258 OD. $14,652 ance is $35.000. Which of the following ould be included in the . The Merchandise inventory account balance is $80,000. A...
6 Question 3 (10 points) Smithville Furniture sold 15 desks, with a cost of $7500, for...
6 Question 3 (10 points) Smithville Furniture sold 15 desks, with a cost of $7500, for $11,250 on account. Smithville uses the periodic inventory system. Which of the following is the correct way to record this transaction? 9 Accounts OA) Debit Credit Accounts Receivable 11,250 Sales Revenue 11,250 Cost of Goods Sold 7500 Merchandise Inventory 7500 B) Accounts Debit Credit Accounts Receivable 11,250 Sales Revenue 11,250 Purchases 7500 Merchandise Inventory 7500 OC) Accounts Debit Credit Accounts Receivable 11.250 Sales Revenue...
Under a perpetual inventory system, the entry to record the cost of goods sold would include a debit to O A. Inventory and a credit to Sales Revenue for the retail price of the inventory OB. Inventory and a credit to Cost of Goods Sold for the cost of the inventory OC. Cost of Goods Sold and a credit to Inventory for the cost of the inventory OD. Cost of Goods Sold and a credit to Inventory for the retail...
When merchandise is sold for cash, two entries are recorded. The second entry, to record the cost of merchandise sold, is OA) debit Cost of Goods Sold; credit Inventory OB) debit Inventory; credit Cost of Goods Sold C) debit Cost of Goods Sold; credit Sales OD) debit Accounts Receivable; credit Inventory
Journal Entry 2 and 3:
Record the sales revenue.
Record the cost of goods sold.
On July 8, Compusoft recelves $200,000 from a customer toward a cash sale of $0.90 million for customized computer equipment to be completed on August 1. The remaining $700,000 payment is recelved upon delivery of the product on August 1. The equipment had a total production cost of $690,000. What Journal entries should Compusoft record on July 8 and August 1? Assume Compusoft uses the...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue (4) cr. dr. Cash (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchased on dr. Accounts Receivable dr. Choose......
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer, of merchandise purchased on account includes a: Select one: a. Credit to Purchases Returns b. Debit to Sales Returns and Allowances c. Debit to Accounts Receivable d. Debit to Cost of Goods Sold
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms of 3/16, 1/40. Defective inventory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted if the company paid the invoice 30 days later, the journal entry to record the payment would be O A 5430.000 debit to Accounts Payable and 5430,000 credit to Cash O . 5500.000 debit to Accounts Payable and $500,000 credit to Cash OC. 3500,000 debit to...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
16-20
Weston Jewellers uses the perpetual inventory system. On April 2. Weston sold merchandise with a cost of 407 314,152 for delivery of the merchandise. Calculate the amount of net sales revenue Round any intermediary G ions and your fa 4/15.30 Westonad 150 custom count with the t hers ) O A 514.902 OR $8,487 OC. 514.258 OD. $14,652 ance is $35.000. Which of the following ould be included in the . The Merchandise inventory account balance is $80,000. A...
6 Question 3 (10 points) Smithville Furniture sold 15 desks, with a cost of $7500, for $11,250 on account. Smithville uses the periodic inventory system. Which of the following is the correct way to record this transaction? 9 Accounts OA) Debit Credit Accounts Receivable 11,250 Sales Revenue 11,250 Cost of Goods Sold 7500 Merchandise Inventory 7500 B) Accounts Debit Credit Accounts Receivable 11,250 Sales Revenue 11,250 Purchases 7500 Merchandise Inventory 7500 OC) Accounts Debit Credit Accounts Receivable 11.250 Sales Revenue...
Most questions answered within 3 hours.
-
----Can someone please help me solve this one using JAVA
----I thank you in advance
Create...
asked 3 minutes ago -
) Raw materials are studied for contamination. Suppose that
the number of particles of contamination per...
asked 3 minutes ago -
1. What force primarily attracts the potassium ion to
the nitrate ion?
a. London forces...
asked 5 minutes ago -
What are the negative effects of abruptly stopping the use of
all fossil fuels? Give at...
asked 12 minutes ago -
Given that many conflict are the result of different parties having
different interests, is it possible...
asked 17 minutes ago -
A 750 g block can slide uniformly along the horizontal track
when a string attached to...
asked 20 minutes ago -
In 2017, Juan entered into a contract to write a book. The
publisher advanced Juan $50,000,...
asked 33 minutes ago -
Determine the number of kinds of protons in each molecule (w/
respect to NMR spectroscopy). Drawing...
asked 44 minutes ago -
A jeweler whose near point is 68 cm from his eye uses a
magnifying glass as...
asked 42 minutes ago -
A company wants to determine how many units of each of two
products, A and B,...
asked 46 minutes ago -
The blood pressure of a person changes throughout the day.
Suppose the systolic blood pressure of...
asked 54 minutes ago -
A chemistry student desired to study sulfur. Sulfur exhibited
the following characteristics with oxygen:
(a) It...
asked 50 minutes ago