Homework Answers
| Entry for sales | Debit | Credit |
| Accounts receivable | 10000 | |
| Sales revenue | 10000 | |
| Cost of goods sold | 6000 | |
| Inventory | 6000 | |
Correct answer is B
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Clyde Corp. uses a perpetual inventory system. If Clyde sells inventory to a customer for $10,000...
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
20. Davis Hardware Company uses a perpetual inventory system. Davis purchases inventory costing S620 and then...
20. Davis Hardware Company uses a perpetual inventory system. Davis purchases inventory costing S620 and then sells the inventory to a customer for $960 on account. How should Davis record the sale of inventory? 620 620 960 960 960 960 620 A. Inventory Cost of Goods Sold Sales Revenue Accounts Receivable B. Accounts Receivable Sales Revenue Cost of Goods Sold Inventory C. Inventory Gain Sales Revenue D. Accounts Receivable Sales Revenues Gain 620 620 340 960 960 620 340 21....
Knowledge Check 01 A seller uses a perpetual inventory system, and on April 4, it sells...
Knowledge Check 01 A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise (its cost is $2,409) to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is...
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
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts Payable B) Purchase Returns and Allowances C) Inventory D) Purchases 6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization C. Sales Returns and Allowances D. Sales Discounts 7) To calculate the gross margin percentage, A. Divide net sales by net income B. Divide current assets by current liabilities C. Divide total liabilities by total assets D. Divide...
Novak Company uses a perpetual inventory system. Its beginning inventory consists of 113 units that cost...
Novak Company uses a perpetual inventory system. Its beginning inventory consists of 113 units that cost $77 each. During June, (1) the company purchased 338 units at $77 each on account, (2) returned 14 units for credit, and (3) sold 281 units at $113 each. Journalize the June transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent...
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
Question 1 Ivanhoe Company is a furniture retailer and uses the perpetual inventory system. On January...
Question 1 Ivanhoe Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2022, Ivanhoe purchased merchandise inventory at a cost of $54,000. Credit terms were 2/10, n/30. The inventory was sold on account for $73,000 on January 21, 2022. Credit terms were 1/10, n/30. The accounts payable was settled on January 23, 2022, and the accounts receivables were settled on January 30, 2022. Prepare journal entries to record each of these transactions. (Credit account titles...
6. A company that uses the perpetual inventory system sold goods to a customer on Page...
6. A company that uses the perpetual inventory system sold goods to a customer on Page 1 of 4 account for $4,000. The cost of the goods sold was $2,000. Which of the following journal entries correctly records this transaction? A) 4,000 Cost of Goods Sold Sales Revenue 4,000 B) Merchandise Inventory Cost of Goods Sold 4,000 4,000 C) Accounts Receivable Cash 4,000 4,000 2.000 Cost of Goods Sold Merchandise Inventory 2.000 D) Accounts Receivable Sales Revenue 4,000 4,000 2.000...
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
20. Davis Hardware Company uses a perpetual inventory system. Davis purchases inventory costing S620 and then sells the inventory to a customer for $960 on account. How should Davis record the sale of inventory? 620 620 960 960 960 960 620 A. Inventory Cost of Goods Sold Sales Revenue Accounts Receivable B. Accounts Receivable Sales Revenue Cost of Goods Sold Inventory C. Inventory Gain Sales Revenue D. Accounts Receivable Sales Revenues Gain 620 620 340 960 960 620 340 21....
Knowledge Check 01 A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise (its cost is $2,409) to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is...
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
Novak Company uses a perpetual inventory system. Its beginning inventory consists of 113 units that cost $77 each. During June, (1) the company purchased 338 units at $77 each on account, (2) returned 14 units for credit, and (3) sold 281 units at $113 each. Journalize the June transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent...
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
Question 1 Ivanhoe Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2022, Ivanhoe purchased merchandise inventory at a cost of $54,000. Credit terms were 2/10, n/30. The inventory was sold on account for $73,000 on January 21, 2022. Credit terms were 1/10, n/30. The accounts payable was settled on January 23, 2022, and the accounts receivables were settled on January 30, 2022. Prepare journal entries to record each of these transactions. (Credit account titles...
6. A company that uses the perpetual inventory system sold goods to a customer on Page 1 of 4 account for $4,000. The cost of the goods sold was $2,000. Which of the following journal entries correctly records this transaction? A) 4,000 Cost of Goods Sold Sales Revenue 4,000 B) Merchandise Inventory Cost of Goods Sold 4,000 4,000 C) Accounts Receivable Cash 4,000 4,000 2.000 Cost of Goods Sold Merchandise Inventory 2.000 D) Accounts Receivable Sales Revenue 4,000 4,000 2.000...
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