widget sales in jan to customers on account, totally 220,000 cost 50 percent, what the t account entry.
Journal Entries | |||||
Date | Account Title and explanation | Debit | Credit | ||
JAN | Account receivable | $ 2,20,000 | |||
Sales Revenue | $ 2,20,000 | ||||
JAN | Cost of Goods Sold | $ 1,10,000 | |||
Inventory | $ 1,10,000 | ||||
T Accounts we can used for is as below, | |||||
1) Account Receivable | |||||
2) Sales Revenue | |||||
3) Cost of Goods Sold | |||||
4) Inventory | |||||
Sales Account | |||||
Account Recivable | $ 2,20,000 | ||||
Account Receivable Account | |||||
$ 2,20,000 | By Sales | ||||
Cost of Goods Sold Account | |||||
$ 1,10,000 | Inventory | ||||
Inventory Account | |||||
Cost of Goods Sold | $ 1,10,000 | ||||
widget sales in jan to customers on account, totally 220,000 cost 50 percent, what the t...
A. Sold widgets on account in the amount of $220,000. The cost was 50%. B. At January 31 employees earned $20,000 that will not be paid until the February 1 payroll C. The Depreciation Expense needs to be recorded for the $200,000 equipment - assume a five-year life (only one-month depreciation) assume the equipment purchase in January was made at month-end - so not depreciated. D. Record Dividends paid in the amount of $3000 E. Paid cash of $350,000 to...
Ortiz Co, had the following account balances: Sales revenue $ 440.000 Cost of goods sold 220,000 Salaries and wages expense 30,000 Prepaid insurance expense 60,000 Dividend revenue 12,000 Utilities expense 24,000 Rent revenue 60,000 Interest expense 36.000 Unearned revenue 33,000 Advertising expense 39.000 What would Ortiz report as total expenses in a single-step income statement? $409,000 $189.000 5349,000 5129,000
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Hardin Widget Manufacturing began operations in January 2021. Hardin sells widgets that carry a two-year manufacturer's warranty against defects in workmanship. Hardin's management projects that 1% of the widgets will require repair during the first year of the warranty while approximately 5% will require repair during the second year of the warranty. The widgets sell for $500 each. The average cost to repair a widget is $60. The company sells 70% of the widgets to retail customers who must pay...
Hardin Widget Manufacturing began operations in January 2021. Hardin sells widgets that carry a two-year manufacturer's warranty against defects in workmanship. Hardin's management projects that 2% of the widgets will require repair during the first year of the warranty while approximately 6% will require repair during the second year of the warranty. The widgets sell for $400 each. The average cost to repair a widget is $60. The company sells 60% of the widgets to retail customers who must pay...
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Question 5 (1 point) If sales are $375,000, and Cost of Goods Sold equals $220,000, what is the Gross Profit Margin? a) 41.3% Ob) 58.7% Oc) 32.0% d) 15.0% O e) None of these
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