Question

Knowledge Check 01 A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise (its cost is $2
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Solution

Date General Journal Debit Credit
4-Apr Accounts receivable $         5,000.00
Sales revenue $ 5,000.00
(To Record sales revenue)
4-Apr Cost of goods sold $         2,400.00
Merchandise inventory $ 2,400.00
(To record cost opf goods sold)
Add a comment
Know the answer?
Add Answer to:
Knowledge Check 01 A seller uses a perpetual inventory system, and on April 4, it sells...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • nces Knowledge Check 01 A seller uses a perpetual inventory system, and on April 17, a...

    nces Knowledge Check 01 A seller uses a perpetual inventory system, and on April 17, a customer returns $1,000 of merchandise previously purchased on credit on April 13. The seller's cost of the merchandise returned was $480. The merchandise is not defective and is restored to inventory. The seller has not yet received any cash from the customer. Complete the two journal entries to record the return transaction by selecting the account names from the drop-down menus and entering the...

  • Knowledge Check 01 A seller uses a perpetual inventory system, and on April 18, a customer...

    Knowledge Check 01 A seller uses a perpetual inventory system, and on April 18, a customer discovers that merchandise previously purchased is defective. The buyer decides to keep the defective merchandise and the seller allows a $15 price reduction, paid in cash to the buyer. Complete the journal entry to record the allowance granted to the buyer by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns View transaction list Journal...

  • CH Required information A seller uses a perpetual inventory system, and on April 17, a customer...

    CH Required information A seller uses a perpetual inventory system, and on April 17, a customer returns $1,000 of merchandise previously purchased on credit on April 13. The seller's cost of the merchandise returned was $480. The merchandise is not defective and is restored to inventory. The seller has not yet received any cash from the customer. Complete the two Journal entries to record the return transaction by selecting the account names from the drop-down menus and entering the dollar...

  • Knowledge Check 01 On August 4. Armstrong Trucking, Inc. paid $4.500 to replace the engine in...

    Knowledge Check 01 On August 4. Armstrong Trucking, Inc. paid $4.500 to replace the engine in one of its trucks Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns View transaction list Journal entry worksheet 1 On August 4, Armstrong Trucking, Inc., paid $4,500 to replace the engine in one of its trucks. Note: Enter debits before credits General Journal Debit Credit Date Aug 4...

  • Knowledge Check 01 Prior to June 1, Sandler Company had no treasury stock transactions. Then, on...

    Knowledge Check 01 Prior to June 1, Sandler Company had no treasury stock transactions. Then, on June 1, the company paid $5,000 to purchase 100 shares of its common stock on the open market. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns View transaction list Journal entry worksheet Prior to June 1, Sandler Company had no treasury stock transactions. Then, on June 1, the...

  • Required information Knowledge Check 01 On December 29, 2019, Patel Products, Inc, sells a delivery van...

    Required information Knowledge Check 01 On December 29, 2019, Patel Products, Inc, sells a delivery van that cost $20,000. After recording the entry to bring the accumulated depreciation up-to-date, the delivery van had accumulated depreciation of $18,000. Patel received $2,000 cash from the purchaser of the delivery van Complete the necessary journal entry to record the sale by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns View transaction list Journal...

  • Knowledge Check 01 On February 13, a jewelry store sells an engagement ring with a sales...

    Knowledge Check 01 On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous young man, who pays in cash. The sale is subject to a 9.75 percent sales tax. Prepare the revenue portion of the February 13 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns View transaction list Journal entry worksheet On February 13, a jewelry store sells an...

  • Required information Knowledge Check 01 On January 5, Barnaby, Inc., purchased a patent costing $100,000 with...

    Required information Knowledge Check 01 On January 5, Barnaby, Inc., purchased a patent costing $100,000 with a useful life of 20 years. The company records its adjustin entries at the end of each year on December 31 Complete the necessary adjusting entry by selecting the account names from the drop-down menus and entering the dollar amou in the debitor credit columns View transaction list Journal entry worksheet < On January 5, Bamaby, Inc., purchased a patent costing $100,000 with a...

  • Saved Required information Knowledge Check 01 On December 29, 2020, Patel Products, Inc, sells a delivery...

    Saved Required information Knowledge Check 01 On December 29, 2020, Patel Products, Inc, sells a delivery van that cost $20,000 The equipment had accumulated depreciation of $16,000 at December 31, 2019. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop- down menus and entering the dollar amounts in the debit or credit columns View transaction fist Journal entry worksheet...

  • Required information kon/lend images Knowledge Check 01 On January 2, Dixie, Inc. pays a salvage company...

    Required information kon/lend images Knowledge Check 01 On January 2, Dixie, Inc. pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000 Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit of credit columns View transaction list Journal entry worksheet 1 > On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT