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When merchandise is sold for cash, two entries are recorded. The second entry, to record the...
A cash purchase of of merchandise is recorded with the following entry: OA) debit Inventory; credit...
A cash purchase of of merchandise is recorded with the following entry: OA) debit Inventory; credit Sales OB) debit Cash; credit Inventory OC) debit Inventory; credit Cash OD) debit Cost of Goods Sold; credit Cash
Merchandise with a sales price of $4,300 is sold on account with terms 2/10, n/30. The...
Merchandise with a sales price of $4,300 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a Oa. debit to Sales Discounts for $86 Ob. debit to Accounts Receivable for $4,194 Oc. debit to Cash for $4,300 Od. credit to Sales for $4,214 ; the second one is to close There are two closing entries. The first one is to close Oa. revenues, expenses Ob. revenues, expenses and the drawing account Oc....
Part of the journal entry to record the cost of an item for $30 that sold...
Part of the journal entry to record the cost of an item for $30 that sold for $40 cash under the perpetual inventory system is: O A. debit Cost of Goods Sold $30; credit Inventory, $30. OB. debit Cost of Goods Sold, $40; sales, $40. O C. debit Cash, 540; credit Inventory $40. OD. debit Sales, $40; credit Cost of Goods Sold, $30; Credit Cash, $10.
In a merchandising business, when merchandise sold on account, a journal entry is booked to Debit...
In a merchandising business, when merchandise sold on account, a journal entry is booked to Debit to Accounts Receivable and Credit to Sales. In addition: Select one: O A. Cost of goods sold is debited and Merchandise inventory is credited. • B. Cost of goods sold is credited and Merchandise inventory is debited. C. Accounts Receivable is credited and Sales is debited. O D. None of the above.
Question 5 The entry to record the cost of merchandise inventory sold involves a debit to...
Question 5 The entry to record the cost of merchandise inventory sold involves a debit to Merchandise Inventory and a credit to Accounts Receivable. debit to Cost of Goods Sold and a credit to Sales Revenue. debit to Merchandise Inventory and a credit to Sales Revenue. debit to Merchandise Inventory and a credit to Cost of Goods Sold. debit to Cost of Goods Sold and a credit to Merchandise Inventory. 1 points Question 6 Accumulated depreciation is classified as a(n)...
Using a perpetual inventory system, the entries to record receiving returned merchandise from a customer (assume...
Using a perpetual inventory system, the entries to record receiving returned merchandise from a customer (assume the customer had not yet paid for the purchase) includes a OA) credit to Sales O B) credit to Inventory C) debit to Cost of Goods Sold O D) credit to Accounts Receivable
** THE 6 JOURNAL ENTRIES** 1. Record entry merchandise inventory purchased for cash. 2. Record entry...
** THE 6 JOURNAL ENTRIES**
1. Record entry merchandise inventory purchased for cash.
2. Record entry merchandise inventory purchased for cash.
3. Record sale of inventory for cash.
4. Record entry for cost of goods sold.
5. Record entry for operating expenses paid.
6. Record entry for income tax expenses paid.
Required information [The following information applies to the questions displayed below.) The following information pertains to the inventory of Parvin Company during Year 2 Jan. 1 Apr. 1 Oct....
Fleet Automobiles sold an automobile for $29,000 on account. The cost of the automobile was $15,830....
Fleet Automobiles sold an automobile for $29,000 on account. The cost of the automobile was $15,830. The sale of the automobile came with one year of free oil changes valued at $330. What would be the journal entry to record the sale? Date Accounts Debit Credit OA. 29,000 Accounts Receivable Sales Revenue Service Revenue Cost of Goods Sold Merchandise Inventory 28,670 330 15,830 15,830 OB. 29,000 29,000 Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory 15,830 15,830 OC....
Merchandise is sold for cash. The selling price of the merchandise is $3,200 and the sale...
Merchandise is sold for cash. The selling price of the merchandise is $3,200 and the sale is subject to a 6% state sales tax. The Journal entry to record the sale would include a credit to Oa. Cash for $3,200 Ob. Sales Tax Payable for $192 c. Sales for $3,008 Od. Sales for $3,392
Transactions are recorded immediately as they occur; records are kept “perpetually” up-to-date. When merchandise is sold,...
Transactions are recorded immediately as they occur; records are kept “perpetually” up-to-date. When merchandise is sold, two journal entries are necessary: 1.Recognize revenue earned based on the sales price of the merchandise. 2.Recognize the cost of goods sold and relieve the inventory account. 3 . Make the following journal entries for James Company under a Perpetual system. a. On January 2nd, sold 2 bookcase for $1000 per unit on accounts to Raj Co. b . On Feb. 1st, James Co....
A cash purchase of of merchandise is recorded with the following entry: OA) debit Inventory; credit Sales OB) debit Cash; credit Inventory OC) debit Inventory; credit Cash OD) debit Cost of Goods Sold; credit Cash
Merchandise with a sales price of $4,300 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a Oa. debit to Sales Discounts for $86 Ob. debit to Accounts Receivable for $4,194 Oc. debit to Cash for $4,300 Od. credit to Sales for $4,214 ; the second one is to close There are two closing entries. The first one is to close Oa. revenues, expenses Ob. revenues, expenses and the drawing account Oc....
Part of the journal entry to record the cost of an item for $30 that sold for $40 cash under the perpetual inventory system is: O A. debit Cost of Goods Sold $30; credit Inventory, $30. OB. debit Cost of Goods Sold, $40; sales, $40. O C. debit Cash, 540; credit Inventory $40. OD. debit Sales, $40; credit Cost of Goods Sold, $30; Credit Cash, $10.
In a merchandising business, when merchandise sold on account, a journal entry is booked to Debit to Accounts Receivable and Credit to Sales. In addition: Select one: O A. Cost of goods sold is debited and Merchandise inventory is credited. • B. Cost of goods sold is credited and Merchandise inventory is debited. C. Accounts Receivable is credited and Sales is debited. O D. None of the above.
Using a perpetual inventory system, the entries to record receiving returned merchandise from a customer (assume the customer had not yet paid for the purchase) includes a OA) credit to Sales O B) credit to Inventory C) debit to Cost of Goods Sold O D) credit to Accounts Receivable
** THE 6 JOURNAL ENTRIES**
1. Record entry merchandise inventory purchased for cash.
2. Record entry merchandise inventory purchased for cash.
3. Record sale of inventory for cash.
4. Record entry for cost of goods sold.
5. Record entry for operating expenses paid.
6. Record entry for income tax expenses paid.
Required information [The following information applies to the questions displayed below.) The following information pertains to the inventory of Parvin Company during Year 2 Jan. 1 Apr. 1 Oct....
Fleet Automobiles sold an automobile for $29,000 on account. The cost of the automobile was $15,830. The sale of the automobile came with one year of free oil changes valued at $330. What would be the journal entry to record the sale? Date Accounts Debit Credit OA. 29,000 Accounts Receivable Sales Revenue Service Revenue Cost of Goods Sold Merchandise Inventory 28,670 330 15,830 15,830 OB. 29,000 29,000 Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory 15,830 15,830 OC....
Merchandise is sold for cash. The selling price of the merchandise is $3,200 and the sale is subject to a 6% state sales tax. The Journal entry to record the sale would include a credit to Oa. Cash for $3,200 Ob. Sales Tax Payable for $192 c. Sales for $3,008 Od. Sales for $3,392
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