merchandise is sold on acct on january 16term2/10,n30 and recorded by debuting accounts receivable and crediting...
merchandise is sold on acct on january 16term2/10,n30 and recorded by debuting accounts receivable and crediting saleswould acts receivable be credited
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merchandise is sold on acct on january 16term2/10,n30
and recorded by debuting accounts receivable and crediting...
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.
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
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $13,300 with terms 1/10,...
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $13,300 with terms 1/10, n/30. The cost of the goods sold was $7,980. Sale Accounts Receivable Sales Cost Cost of Goods Sold Inventory Feedback Check My Work (a) When the perpetual inventory system is used, two entries are recorded each time a sale is made. In the first entry, accounts receivable and the sale entry records the cost of the merchandise sold and the reduction of inventory on...
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....
If merchandise is sold on account to a customer for $10,000, terms FOB shipping point, 1/10,...
If merchandise is sold on account to a customer for $10,000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in freight, the amount to be recorded as accounts receivable is: O $10,000 $10,050 $9,950 none of the above
On June 30, Petrov Co. has $148,200 of accounts receivable. July 4 Sold $8,915 of merchandise...
On June 30, Petrov Co. has $148,200 of accounts receivable. July 4 Sold $8,915 of merchandise (that had cost $5,706) to customers on credit 9 sold $20,748 of accounts receivable to Main Bank. Main charges a 5% factoring fee. 17 Received $4,903 cash from customers in payment on their accounts 27 Borrowed $11,856 cash from Main Bank, pledging $15,413 of accounts receivable as security for the loan. Prepare journal entries to record the above selected July transactions. (The company uses...
g for Receivables BE8.10 (LO 3) On January 10, 2020, Perez Co. sold merchandise on account...
g for Receivables BE8.10 (LO 3) On January 10, 2020, Perez Co. sold merchandise on account to Robertsen Co. for $15,600, n/30. On February 9, Robertsen Co. gave Perez Co. a 6% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable. (Omit cost of goods sold entries.) BE8.11 (LO 2,4) During its first year of operations, Fertig Company had credit sales of $3,000,000, of which $400,000 remained...
Cash Discounts Calculations: On April 1, the Bradford Company sold merchandise with a list price of...
Cash Discounts Calculations: On April 1, the Bradford Company sold merchandise with a list price of $60,000 Credit Terms Date Paid 1. 1/15,n30 April 14 2. n30 April 28 3.2/10,n30 April 8 4. 1/10,n30 April 15
13) May Retailers sold merchandise with a list price of $100,000, subject to a trade discount of 20 percent and cre...
13) May Retailers sold merchandise with a list price of $100,000, subject to a trade discount of 20 percent and credit terms of 2/10, n/30. At what amount should May record the sale of this merchandise if the gross method is used? a. Debit Accounts Receivable for $100,000. b. Debit Accounts Receivable for $98,000. c. Debit Accounts Receivable for $80,000. d. Debit Accounts Receivable for $78,400. 14) On January 1, 2015, AG Inc. made a $15,000 sale on account with...
Brief Exercise 8-9 1. On January 10, 2017, Martinez Corp. sold merchandise on account to Tompkins...
Brief Exercise 8-9 1. On January 10, 2017, Martinez Corp. sold merchandise on account to Tompkins for $8,550, terms n/30. 2. On February 9, Tompkins gave Martinez Corp. a 7% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the accounts receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation 1. 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.
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
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $13,300 with terms 1/10, n/30. The cost of the goods sold was $7,980. Sale Accounts Receivable Sales Cost Cost of Goods Sold Inventory Feedback Check My Work (a) When the perpetual inventory system is used, two entries are recorded each time a sale is made. In the first entry, accounts receivable and the sale entry records the cost of the merchandise sold and the reduction of inventory on...
If merchandise is sold on account to a customer for $10,000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in freight, the amount to be recorded as accounts receivable is: O $10,000 $10,050 $9,950 none of the above
On June 30, Petrov Co. has $148,200 of accounts receivable. July 4 Sold $8,915 of merchandise (that had cost $5,706) to customers on credit 9 sold $20,748 of accounts receivable to Main Bank. Main charges a 5% factoring fee. 17 Received $4,903 cash from customers in payment on their accounts 27 Borrowed $11,856 cash from Main Bank, pledging $15,413 of accounts receivable as security for the loan. Prepare journal entries to record the above selected July transactions. (The company uses...
g for Receivables BE8.10 (LO 3) On January 10, 2020, Perez Co. sold merchandise on account to Robertsen Co. for $15,600, n/30. On February 9, Robertsen Co. gave Perez Co. a 6% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable. (Omit cost of goods sold entries.) BE8.11 (LO 2,4) During its first year of operations, Fertig Company had credit sales of $3,000,000, of which $400,000 remained...
13) May Retailers sold merchandise with a list price of $100,000, subject to a trade discount of 20 percent and credit terms of 2/10, n/30. At what amount should May record the sale of this merchandise if the gross method is used? a. Debit Accounts Receivable for $100,000. b. Debit Accounts Receivable for $98,000. c. Debit Accounts Receivable for $80,000. d. Debit Accounts Receivable for $78,400. 14) On January 1, 2015, AG Inc. made a $15,000 sale on account with...
Brief Exercise 8-9 1. On January 10, 2017, Martinez Corp. sold merchandise on account to Tompkins for $8,550, terms n/30. 2. On February 9, Tompkins gave Martinez Corp. a 7% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the accounts receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation 1. Debit...
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