On Novemebr 2, 2010, Griffey Company has cash sales of $4,200 from merchandise having a cost...
On Novemebr 2, 2010, Griffey Company has cash sales of $4,200 from merchandise having a cost of $3,000. The entries to record the day's cash sales will include ?
A) a $3,000 credit to cost of Goods sold
b) a $4,200 credit to cash
c) a $3,000 credit to Merchandise inventory
d) a $4,200 debit to Accounts Receivable
Homework Answers
The entries would be
| A | Cash | 4200 | |
| Sales revenue | 4200 | ||
| B | Cost of Goods Sold | 3000 | |
| Merchandise inventory | 3000 | ||
Option C is the answer
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On Novemebr 2, 2010, Griffey Company has cash sales of $4,200
from merchandise having a cost...
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Outcome Assesment Problem
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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
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Outcome Assesment Problem
Charli Company sold merchandise on account to Rae Company $67,500 terms FOB destination, 1/15.30. The cost of the merchandise sold was $32,600. The freight cost was $880. The journal entries Charli would make to record the transaction would include a a. credit to sales for $67,500 b.debit to accounts receivable for $66.825 c. debit to merchandise inventory for $32,600 d. credit to delivery expense for $880
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
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