Warner Corporation sold $80,000 of merchandise on credit. The merchandise originally cost $55,000. Warner uses the...
Warner Corporation sold $80,000 of merchandise on credit. The merchandise originally cost $55,000. Warner uses the perpetual method of inventory and records the cost of all sales at the time of the sale. Select ALL debits and credits that would be made to reflect this transaction.
Credit Inventory for $55,000
Credit Revenue (Ret. Earn) for $80,000
Debit Accounts Receivable $80,000
Debit Cost of Goods Sold (Ret. Earn) for $80,000
Debit Revenue (Ret. Earn) for $80,000
Debit Cost of Goods (Ret. Earn) sold for $55,000
Credit Proft (Ret. Earn) for $25,000
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Warner Corporation sold $80,000 of merchandise on credit. The
merchandise originally cost $55,000. Warner uses the...
A company sold merchandise with a cost of $213 for $440 on account. The seller uses...
A company sold merchandise with a cost of $213 for $440 on account. The seller uses the perpetual inventory sy he entry to record the cost of merchandise sold would include a debit to Sales Revenue and a credit to Cash for $440 a debit to Cash and a credit to Sales Revenue for $440 a debit to Merchandise Inventory for $213 and a credit to Cost of Goods Sold for $213 debit to Cost of Goods Sold and a...
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Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $5,800 (that had cost $4,286) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $5,000 (that had cost $3,240) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) Journal entry Worksheet 2 3 4 Sold merchandise for...
Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $5,500 (that had cost...
Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $5,500 (that had cost $4,065) and accepted the customer's Suntrust Bank Card. Suntrust charges a 48 fee. 12 Sold merchandise for $3,200 (that had cost $2,074) and accepted the customer's Continental Card. Continental charges a 2.58 fee. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 2 3 4...
16-20 Weston Jewellers uses the perpetual inventory system. On April 2. Weston sold merchandise with a...
16-20
Weston Jewellers uses the perpetual inventory system. On April 2. Weston sold merchandise with a cost of 407 314,152 for delivery of the merchandise. Calculate the amount of net sales revenue Round any intermediary G ions and your fa 4/15.30 Westonad 150 custom count with the t hers ) O A 514.902 OR $8,487 OC. 514.258 OD. $14,652 ance is $35.000. Which of the following ould be included in the . The Merchandise inventory account balance is $80,000. A...
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A company sold merchandise with a cost of $213 for $440 on account. The seller uses the perpetual inventory sy he entry to record the cost of merchandise sold would include a debit to Sales Revenue and a credit to Cash for $440 a debit to Cash and a credit to Sales Revenue for $440 a debit to Merchandise Inventory for $213 and a credit to Cost of Goods Sold for $213 debit to Cost of Goods Sold and a...
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X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise for cash. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale and the cost of the sale by selecting all of the correct actions below. (Check all that apply.) Check all that apply. Debit Cost of Goods Sold $500. Debit Merchandise Inventory $500. Credit Accounts Receivable $1,400 Debit Sales $1,400. Debit...
If merchandise costing $500 that was sold for cash at a price of $620 is returned by the customer, how would this transaction recorded when using a perpetual inventory system? Multiple Choice O Debit Cash and credit Sales Revenue for $620 O Debit inventory and credit Cost of Goods Sold for $620. O Debit Sales Revenue and credit Cash for $620, debit Cost of Goods Sold and credit Inventory for $500. O Debt Sales Revenue and credit Cash for $620,...
Levine Company uses the perpetual inventory system. 8 Sold merchandise for $7,400 (that had cost $5,469) and accepted the custoner's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold nerchandise for $3,800 (that had cost $2,462) and accepted the custoner's Continental Card. Continental charges a 2.5% fee. Apr. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet < 1 3...
Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $5,800 (that had cost $4,286) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $5,000 (that had cost $3,240) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) Journal entry Worksheet 2 3 4 Sold merchandise for...
Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $5,500 (that had cost $4,065) and accepted the customer's Suntrust Bank Card. Suntrust charges a 48 fee. 12 Sold merchandise for $3,200 (that had cost $2,074) and accepted the customer's Continental Card. Continental charges a 2.58 fee. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 2 3 4...
16-20
Weston Jewellers uses the perpetual inventory system. On April 2. Weston sold merchandise with a cost of 407 314,152 for delivery of the merchandise. Calculate the amount of net sales revenue Round any intermediary G ions and your fa 4/15.30 Westonad 150 custom count with the t hers ) O A 514.902 OR $8,487 OC. 514.258 OD. $14,652 ance is $35.000. Which of the following ould be included in the . The Merchandise inventory account balance is $80,000. A...
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