Homework Answers
Net sales = Sales - Discount
= $14,852 - ($14,852 X 4%)
= $14,258
Option C.
Merchandise inventory has a debit balance. Any decrease in merchandise inventory is credited.
Difference = $50,000 - $35,000 = $15,000 credit to merchandise inventory
Option C.
Under perpetual inventory the journal entry for recording cost of goods sold is debit cost of goods sold and credit merchandise inventory with cost amount.
Option D.
Amount to be paid = Invoice value - Discount
= $1,000 - ($1,000 X 2%)
= $980
Option A.
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Weston Jewellers uses the perpetual inventory system. On April 2. Weston sold merchandise with a...
Landon Jewelers uses the perpetual inventory system. On April 2. Landon sold merchandise with a cost...
Landon Jewelers uses the perpetual inventory system. On April 2. Landon sold merchandise with a cost of $1.500 for 50,000 to a customer on account with forms of $15.30. The Journal entry to record the cost of goods sold would be: 1,500 1,500 1,500 1,500 O A. Sales Revenue Cost of Goods Sold OB. Cost of Goods Sold Accounts Receivable OC. Merchandise Inventory Cost of Goods Sold OD. Cost of Goods Sold Merchandise Inventory 1,500 1,500 1,500 1,500
Question 5 2.5 pts Weston Jewelers uses the perpetual inventory system. On April 2, Weston sold...
Question 5 2.5 pts Weston Jewelers uses the perpetual inventory system. On April 2, Weston sold merchandise with a cost of $5,000 for $10,000 to a customer on account with terms of 2/15, n/30. On April 4, the customer reported damaged goods, and Michelin granted a $2,000 sales allowance. On April 10, Weston received payment from the customer. Calculate the amount of net sales revenue. $9,840 $10,000 O $8,000 $7,840
QUESTION 32 Weston Jewelers uses the perpetual inventory system. On April 2, Weston sold merchandise with...
QUESTION 32 Weston Jewelers uses the perpetual inventory system. On April 2, Weston sold merchandise with a cost of $1.200 for $2,200 to a customer on account with the terms 3/15,n30. Weston paid $125 for delivery of the merchandise. Calculate the amount of gross profit. (Round any intermediary calculations and your final answer to the nearest dolar) 3934 $809 52.134 51.000 QUESTION 33 Which of the following inventory costing methods is based on the actual cost of each particular unit...
Forever Jewelers uses the perpetual inventory system. On April 2. Forever sold merchandise with a cost...
Forever Jewelers uses the perpetual inventory system. On April 2. Forever sold merchandise with a cost of $4,500 for $7,000 to a customer on account with terms of 1/15, 30 Which of the following journal entries correctly records the sales revenue? 6.930 6.930 4.500 4,500 OA Sales Revenue Accounts Receivable OB. Accounts Receivable Sales Revenue O C. Accounts Receivable Sales Revenue OD. Sales Revenue Cost of Goods Sold 6,930 6,930
Forever Jewelers uses the perpetual inventory system. On April 2, Forever sold merchandise with a cost...
Forever Jewelers uses the perpetual inventory system. On April 2, Forever sold merchandise with a cost of $2,500 for $7,000 to a customer on account with terms of 4/15, n/30. Which of the following journal entries correctly records the sales revenue? 6,720 6,720 6,720 O A. Sales Revenue Accounts Receivable OB. Accounts Receivable Sales Revenue O C. Sales Revenue Cost of Goods Sold 6,720 6,720 6,720 2,500 OD. Accounts Receivable Sales Revenue 2,500
un sold merchandise with a cost of $1,257 for S) Weston Jewelers uses the perpetual inventory...
un sold merchandise with a cost of $1,257 for S) Weston Jewelers uses the perpetual inventory system. On April 2, Weston sold merchandise with a cos $2,200 to a customer on account with the terms 3/15, n/30. Weston with the terms 3/15, 1/30. Weston paid $125 for delivery of the merchandise. Calculate the les revenue (Round any intermediary calculations and your final answer to the nearest dollar) A) $2,134 B) $2,325 o $2,200 D) $1,257 en Andent of de enld...
The Merchandise Inventory account balance is $56.000. A physical count of inventory reveals that the actual...
The Merchandise Inventory account balance is $56.000. A physical count of inventory reveals that the actual inventory balance is $39.000. Which of the following would be included in the aduingebry Assume a perpetual inventory system) O A a $39,000 credit to Merchandise Inventory OB. a $17.000 credit to Cost of Goods Sold Oc. a $56,000 debit to Cost of Goods Sold OD. a $17.000 credit to Merchandise Inventory
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...
A company that uses the perpetual inventory system sold goods to a customer for cash for...
A company that uses the perpetual inventory system sold goods to a customer for cash for $4.500 The cost of the goods sold was $1.000 Which of the wong journal entre correctly records this transaction? 4.600 4600 4.600 4.600 1,000 OA Merchandise Inventory Sales Revenue OB Accounts Receivable Cash Cost of Goods Sold Merchandise Inventory O c. Cash Sales Revenue Cost of Goods Sold Merchandise Inventory OD. Cost of Goods Sold Sales Revenue 1,000 4,600 1,000 4,600 1,000 4,600
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...
Landon Jewelers uses the perpetual inventory system. On April 2. Landon sold merchandise with a cost of $1.500 for 50,000 to a customer on account with forms of $15.30. The Journal entry to record the cost of goods sold would be: 1,500 1,500 1,500 1,500 O A. Sales Revenue Cost of Goods Sold OB. Cost of Goods Sold Accounts Receivable OC. Merchandise Inventory Cost of Goods Sold OD. Cost of Goods Sold Merchandise Inventory 1,500 1,500 1,500 1,500
Question 5 2.5 pts Weston Jewelers uses the perpetual inventory system. On April 2, Weston sold merchandise with a cost of $5,000 for $10,000 to a customer on account with terms of 2/15, n/30. On April 4, the customer reported damaged goods, and Michelin granted a $2,000 sales allowance. On April 10, Weston received payment from the customer. Calculate the amount of net sales revenue. $9,840 $10,000 O $8,000 $7,840
QUESTION 32 Weston Jewelers uses the perpetual inventory system. On April 2, Weston sold merchandise with a cost of $1.200 for $2,200 to a customer on account with the terms 3/15,n30. Weston paid $125 for delivery of the merchandise. Calculate the amount of gross profit. (Round any intermediary calculations and your final answer to the nearest dolar) 3934 $809 52.134 51.000 QUESTION 33 Which of the following inventory costing methods is based on the actual cost of each particular unit...
Forever Jewelers uses the perpetual inventory system. On April 2. Forever sold merchandise with a cost of $4,500 for $7,000 to a customer on account with terms of 1/15, 30 Which of the following journal entries correctly records the sales revenue? 6.930 6.930 4.500 4,500 OA Sales Revenue Accounts Receivable OB. Accounts Receivable Sales Revenue O C. Accounts Receivable Sales Revenue OD. Sales Revenue Cost of Goods Sold 6,930 6,930
Forever Jewelers uses the perpetual inventory system. On April 2, Forever sold merchandise with a cost of $2,500 for $7,000 to a customer on account with terms of 4/15, n/30. Which of the following journal entries correctly records the sales revenue? 6,720 6,720 6,720 O A. Sales Revenue Accounts Receivable OB. Accounts Receivable Sales Revenue O C. Sales Revenue Cost of Goods Sold 6,720 6,720 6,720 2,500 OD. Accounts Receivable Sales Revenue 2,500
un sold merchandise with a cost of $1,257 for S) Weston Jewelers uses the perpetual inventory system. On April 2, Weston sold merchandise with a cos $2,200 to a customer on account with the terms 3/15, n/30. Weston with the terms 3/15, 1/30. Weston paid $125 for delivery of the merchandise. Calculate the les revenue (Round any intermediary calculations and your final answer to the nearest dollar) A) $2,134 B) $2,325 o $2,200 D) $1,257 en Andent of de enld...
The Merchandise Inventory account balance is $56.000. A physical count of inventory reveals that the actual inventory balance is $39.000. Which of the following would be included in the aduingebry Assume a perpetual inventory system) O A a $39,000 credit to Merchandise Inventory OB. a $17.000 credit to Cost of Goods Sold Oc. a $56,000 debit to Cost of Goods Sold OD. a $17.000 credit to Merchandise Inventory
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...
A company that uses the perpetual inventory system sold goods to a customer for cash for $4.500 The cost of the goods sold was $1.000 Which of the wong journal entre correctly records this transaction? 4.600 4600 4.600 4.600 1,000 OA Merchandise Inventory Sales Revenue OB Accounts Receivable Cash Cost of Goods Sold Merchandise Inventory O c. Cash Sales Revenue Cost of Goods Sold Merchandise Inventory OD. Cost of Goods Sold Sales Revenue 1,000 4,600 1,000 4,600 1,000 4,600
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...
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