Which of the following entries or sets of entries would record sales for the month of...
Homework Answers
Answer: Option B)
| Account title and explanation | Debit | Credit |
| Accounts receivable | $ 200,000 | |
| Sales | $ 200,000 | |
| [To record sales on account] | ||
| Cost of goods sold | $ 119,000 | |
| Inventory | $ 119,000 | |
| [To record cost of goods sold] |
Add Answer to:
Which of the following entries or sets of entries would record
sales for the month of...
Journal Entries, T-Accounts Ehrling Brothers Company makes jobs to customer order. During the month of July,...
Journal Entries, T-Accounts
Ehrling Brothers Company makes jobs to customer order. During
the month of July, the following occurred:
Materials were purchased on account for $45,620.
Materials totaling $40,880 were requisitioned for use in
producing various jobs.
Direct labor payroll for the month was $22,400 with an average
wage of $14 per hour.
Actual overhead of $8,860 was incurred and paid in cash.
Manufacturing overhead is charged to production at the rate of
$5.40 per direct labor hour.
Completed jobs...
stion 4 Using a perpetual inventory system, which of the following entries would record the cost...
stion 4 Using a perpetual inventory system, which of the following entries would record the cost of merchandise sold? Debit Inventory; Credit Cost of Goods Sold Debit Sales Discount; Credit Accounts Payable Debit Cost of Goods Sold; Credit Purchase Discounts Debit Cost of Goods Sold; Credit Inventory None of these is correct
Am I missing anything? Prepare journal entries to record the following merchandising transactions of Cabela's, which...
Am I missing anything?
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual Inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. July 1 Purchased merchandise from Roden Company for $6,000 under credit terns of 1/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of...
Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $429,000 of...
Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $429,000 of merchandise on account, subject to a sales tax of 6%. The cost of the goods sold was $253,110. If an amount box does not require an entry, leave it blank. Accounts Receivable Sales Sales Tax Payable Cost of Goods Sold Inventory Feedback (a) Two entries are required: (1) for the sale on account including sales tax (2) for the cost of the goods sold...
Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred:...
Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred: Materials were purchased on account for $45,760. Materials totaling $40,980 were requisitioned for use in producing various jobs. Direct labor payroll for the month was $25,600 with an average wage of $16 per hour. Actual overhead of $8,860 was incurred and paid in cash. Manufacturing overhead is charged to production at the rate of $5.40 per direct labor hour. Completed jobs costing $60,000 were...
Enter the following entries for the month of July. A. Cash sales of inventory: $800. The...
Enter the following entries for the month of July. A. Cash sales of inventory: $800. The cost of inventory sold was $350. B. Selling and Administrative expenses incurred and paid: $1,200. C. Raw Materials purchased on account: $2,560. D. Materials requisitioned and used in production: $980. E. Direct Labor wages incurred during July: $2,875. Direct Labor wages actually paid in July were $2,000. F. Factory Overhead was allocated to Work in Process Inventory at a predetermined overhead allocation rate of...
Enter the following entries for the month of July. A. Cash sales of inventory: $800. The...
Enter the following entries for the month of July. A. Cash sales of inventory: $800. The cost of inventory sold was $350. B. Selling and Administrative expenses incurred and paid: $1,200. C. Raw Materials purchased on account: $2,560. D. Materials requisitioned and used in production: $980. E. Direct Labor wages incurred during July: $2,875. Direct Labor wages actually paid in July were $2,000. F. Factory Overhead was allocated to Work in Process Inventory at a predetermined overhead allocation rate of...
Journal Entries, T-Accounts Ehrling Brothers Company makes jobs to customer order. During the month of July,...
Journal Entries, T-Accounts Ehrling Brothers Company makes jobs
to customer order. During the month of July, the following
occurred: Materials were purchased on account for $45,620.
Materials totaling $40,880 were requisitioned for use in producing
various jobs. Direct labor payroll for the month was $19,200 with
an average wage of $12 per hour. Actual overhead of $8,870 was
incurred and paid in cash. Manufacturing overhead is charged to
production at the rate of $5.40 per direct labor hour. Completed
jobs...
1. Which of the following are examples of adjusting entries? i) An entry to record interest...
1. Which of the following are examples of adjusting entries? i) An entry to record interest owing on a bank loan at the end of the period. The interest is not yet paid, and is previously unrecorded. ii) A depreciation entry to reflect the use of long-lived equipment during the period. iii) An entry to correct an error that was discovered in the trial balance, when a $100 debit was incorrectly posted to inventory rather than accounts receivable. a. i...
what did i do wrong? Prepare journal entries to record the following merchandising transactions of Cabela's,...
what did i do wrong?
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. Hint: it will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden July 1 Purchased merchandise from Boden Company for $6,400 under credit terms of 2/15, 1/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms...
Journal Entries, T-Accounts
Ehrling Brothers Company makes jobs to customer order. During
the month of July, the following occurred:
Materials were purchased on account for $45,620.
Materials totaling $40,880 were requisitioned for use in
producing various jobs.
Direct labor payroll for the month was $22,400 with an average
wage of $14 per hour.
Actual overhead of $8,860 was incurred and paid in cash.
Manufacturing overhead is charged to production at the rate of
$5.40 per direct labor hour.
Completed jobs...
stion 4 Using a perpetual inventory system, which of the following entries would record the cost of merchandise sold? Debit Inventory; Credit Cost of Goods Sold Debit Sales Discount; Credit Accounts Payable Debit Cost of Goods Sold; Credit Purchase Discounts Debit Cost of Goods Sold; Credit Inventory None of these is correct
Am I missing anything?
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual Inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. July 1 Purchased merchandise from Roden Company for $6,000 under credit terns of 1/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of...
Journal Entries, T-Accounts Ehrling Brothers Company makes jobs
to customer order. During the month of July, the following
occurred: Materials were purchased on account for $45,620.
Materials totaling $40,880 were requisitioned for use in producing
various jobs. Direct labor payroll for the month was $19,200 with
an average wage of $12 per hour. Actual overhead of $8,870 was
incurred and paid in cash. Manufacturing overhead is charged to
production at the rate of $5.40 per direct labor hour. Completed
jobs...
what did i do wrong?
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. Hint: it will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden July 1 Purchased merchandise from Boden Company for $6,400 under credit terms of 2/15, 1/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms...
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