Alex Company owns 80 percen Company. During the year, Alex sold merchandise that cost $9,000 to Cairo for $15,000. At the end of the year, Cairo 's ending inventory included merchandise that was purchased from Alex for $3,000. What entry is required to eliminate the effect of ending inventory in the consolidation worksheet at the end of the year? COGS Beginning Inventory Ending Inventory Sales Credit $3,000 Debit $3,000 Debit $15,000

Alex Company owns 80 percen Company. During the year, Alex sold merchandise that cost $9,000 to Cairo for $15,000. At the end of the year, Cairo 's ending inventory included merchandise that was purchased from Alex for $3,000. What entry is required to eliminate the effect of ending inventory in the consolidation worksheet at the end of the year? COGS Beginning Inventory Ending Inventory Sales Credit $3,000 Debit $3,000 Debit $15,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A company using the perpetual inventory system purchased inventory worth $25,000 on account with terms of 2/10, n/30. Defective inventory of $2,000 was returned 2 days later and the accounts were appropriately adjusted. If the invoice is paid within 10 days, the amount of the purchase discount that would be available to the company is OA. $500 OB. $460 OC. $540 OD. $490
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