Homework Answers
| Sales return and allowances | debit | |
| Accounts receivable | credit |
Option D is correct.
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When the seller accepts a return of goods from the purchaser originally sold on account, the seller's journal entry...
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer,...
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer, of merchandise purchased on account includes a: Select one: a. Credit to Purchases Returns b. Debit to Sales Returns and Allowances c. Debit to Accounts Receivable d. Debit to Cost of Goods Sold
Merchandise with a sales price of $4,300 is sold on account with terms 2/10, n/30. The...
Merchandise with a sales price of $4,300 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a Oa. debit to Sales Discounts for $86 Ob. debit to Accounts Receivable for $4,194 Oc. debit to Cash for $4,300 Od. credit to Sales for $4,214 ; the second one is to close There are two closing entries. The first one is to close Oa. revenues, expenses Ob. revenues, expenses and the drawing account Oc....
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...
6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization...
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 gross margin by net sales 8) If a purchaser returns goods purchased on account to the supplier under a perpetual inventory system, the purchaser would debit:...
On January 1, 2020, Ivanhoe Ltd. sold on account 1,200 units of its product for a...
On January 1, 2020, Ivanhoe Ltd. sold on account 1,200 units of its product for a total price of $567,0000 and a cost of $489,000. The products have a one- year assurance-type warranty and Ivanhoe estimates that the cost will be $22,000. By the company's year-end December 31, 2020, actual warranty costs related to the products sold was $17,200, paid in cash. Prepare all appropriate journal entries including the sale of merchandise. (Credit account titles are automatically indented when the...
A sales invoice is used as documentation for a journal entry that requires a debit to...
A sales invoice is used as documentation for a journal entry that requires a debit to Entry field with incorrect answer Accounts Receivable and a credit to Sales Revenue. Cash and a credit to Sales Revenue. Cash and a credit to Sales Returns and Allowances. Sales Returns and Allowances and a credit to Accounts Receivable.
please help 7. The Inventory account is used in each of the following except the entry...
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7. The Inventory account is used in each of the following except the entry to record A) goods purchased on account. B) the return of goods purchased. C) payment of freight on goods sold. D) payment within the discount period. 8. Mclntyre Company made a purchase of merchandise on credit from Marvin Company on August 8, for $8,000, terms 3/10, n/30. On August 17, McIntyre makes the appropriate payment to Marvin. The entry on August 17 for McIntyre...
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...
Fleet Automobiles sold an automobile for $29,000 on account. The cost of the automobile was $15,830....
Fleet Automobiles sold an automobile for $29,000 on account. The cost of the automobile was $15,830. The sale of the automobile came with one year of free oil changes valued at $330. What would be the journal entry to record the sale? Date Accounts Debit Credit OA. 29,000 Accounts Receivable Sales Revenue Service Revenue Cost of Goods Sold Merchandise Inventory 28,670 330 15,830 15,830 OB. 29,000 29,000 Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory 15,830 15,830 OC....
In a merchandising business, when merchandise sold on account, a journal entry is booked to Debit...
In a merchandising business, when merchandise sold on account, a journal entry is booked to Debit to Accounts Receivable and Credit to Sales. In addition: Select one: O A. Cost of goods sold is debited and Merchandise inventory is credited. • B. Cost of goods sold is credited and Merchandise inventory is debited. C. Accounts Receivable is credited and Sales is debited. O D. None of the above.
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer, of merchandise purchased on account includes a: Select one: a. Credit to Purchases Returns b. Debit to Sales Returns and Allowances c. Debit to Accounts Receivable d. Debit to Cost of Goods Sold
Merchandise with a sales price of $4,300 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a Oa. debit to Sales Discounts for $86 Ob. debit to Accounts Receivable for $4,194 Oc. debit to Cash for $4,300 Od. credit to Sales for $4,214 ; the second one is to close There are two closing entries. The first one is to close Oa. revenues, expenses Ob. revenues, expenses and the drawing account Oc....
On January 1, 2020, Ivanhoe Ltd. sold on account 1,200 units of its product for a total price of $567,0000 and a cost of $489,000. The products have a one- year assurance-type warranty and Ivanhoe estimates that the cost will be $22,000. By the company's year-end December 31, 2020, actual warranty costs related to the products sold was $17,200, paid in cash. Prepare all appropriate journal entries including the sale of merchandise. (Credit account titles are automatically indented when the...
please
help
7. The Inventory account is used in each of the following except the entry to record A) goods purchased on account. B) the return of goods purchased. C) payment of freight on goods sold. D) payment within the discount period. 8. Mclntyre Company made a purchase of merchandise on credit from Marvin Company on August 8, for $8,000, terms 3/10, n/30. On August 17, McIntyre makes the appropriate payment to Marvin. The entry on August 17 for McIntyre...
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...
Fleet Automobiles sold an automobile for $29,000 on account. The cost of the automobile was $15,830. The sale of the automobile came with one year of free oil changes valued at $330. What would be the journal entry to record the sale? Date Accounts Debit Credit OA. 29,000 Accounts Receivable Sales Revenue Service Revenue Cost of Goods Sold Merchandise Inventory 28,670 330 15,830 15,830 OB. 29,000 29,000 Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory 15,830 15,830 OC....
In a merchandising business, when merchandise sold on account, a journal entry is booked to Debit to Accounts Receivable and Credit to Sales. In addition: Select one: O A. Cost of goods sold is debited and Merchandise inventory is credited. • B. Cost of goods sold is credited and Merchandise inventory is debited. C. Accounts Receivable is credited and Sales is debited. O D. None of the above.
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