Homework Answers
In this case option C is correct answer.
Reason :
In perpetual inventory system, we have to post two journal entries for sales :
1. Accounts receivable debit @ selling price and sales revenue credit @ selling price
2.Cost of goods sold debit @ cost and inventory credit @ cost
As question was about sales revenue entry option C is correct.
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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...
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
O Forever Jewelers uses the perpetual inventory system on April 2. Forever sold merchandise with a...
O Forever Jewelers uses the perpetual inventory system on April 2. Forever sold merchandise with a cost of 54.000 for $5.500 to a customer on account with forms of 415, 30 Which of the following umalis correctly records the payment received from the customer on April 2017 5,280 220 5.500 5.280 O A Cash Sales Discounts Forted Accounts Receivable O Cash Accounts Receivable Ос. Cash Accounts Receivable Sales Discounts Ford OD Cash Accounts Receivable 5.500 5.280 220 5.500 5.500
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
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
DQuestion 13 1 pts Michelin Jewelers completed the following transactions. Michelin Jewelers uses the perpetual inventory...
DQuestion 13 1 pts Michelin Jewelers completed the following transactions. Michelin Jewelers uses the perpetual inventory system. On April 2, Michelin sold $9,000 of merchandise to a customer on account with terms of 3/15, n/30. Michelin's cost of the merchandise sold was $5,500. Which of the following journal entries correctly records the Sales revenue? O Dr. Sales Revenue 8,730: Cr. Acounts Receivable 8.730 O Dr. Cash 8,730, Cr. Sales Revenue 8,730 O Dr. Accounts Receivable 8730: Cr. Sales Revenue 8730...
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...
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
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...
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...
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...
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
O Forever Jewelers uses the perpetual inventory system on April 2. Forever sold merchandise with a cost of 54.000 for $5.500 to a customer on account with forms of 415, 30 Which of the following umalis correctly records the payment received from the customer on April 2017 5,280 220 5.500 5.280 O A Cash Sales Discounts Forted Accounts Receivable O Cash Accounts Receivable Ос. Cash Accounts Receivable Sales Discounts Ford OD Cash Accounts Receivable 5.500 5.280 220 5.500 5.500
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
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
DQuestion 13 1 pts Michelin Jewelers completed the following transactions. Michelin Jewelers uses the perpetual inventory system. On April 2, Michelin sold $9,000 of merchandise to a customer on account with terms of 3/15, n/30. Michelin's cost of the merchandise sold was $5,500. Which of the following journal entries correctly records the Sales revenue? O Dr. Sales Revenue 8,730: Cr. Acounts Receivable 8.730 O Dr. Cash 8,730, Cr. Sales Revenue 8,730 O Dr. Accounts Receivable 8730: Cr. Sales Revenue 8730...
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...
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
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...
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...
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...
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