Multiple choice d. Debits: Sales Revenue, Finished-Goods Inventory; credits: AccountsFUNDAMENTALS OF ACCOUNTINGc. Debits: Sales Revenue, Cost of Goods Sold; credits: Accountsoptions correctly expresses the accounts that are debited and credited toa. Debits: Accounts Receivable, Finished-Goods Inventory; credits: Salesb. Debits: Accounts Receivable, Cost of Goods Sold, credits: Salesrecord this transaction?|CHAPTERd.a crRevenue, Cost of Goods Sold.Under-8.commachaRevenue, Finished-Goods Inventory.a.Receivable, Finished-Goods Inventory.b. chachaC.d. proReceivable, Cost of Goods Sold.and9. WhichapplicaI1. Actinf5. Media, Inc., an advertising agency, applies overhead to jobs on the baskdirect professional labor hours. Overhead was estimated to be P150 00direct professional labor hours were estimated to be 15,000, and direprofessional labor cost was projected to be P225,000. During the verMedia incurred actual overhead costs of P146,000, actual diremprofessional labor hours of 14,500, and actual direct labor cost of P222.000By year-end, the firm's overhead was:a. P1,000 underapplied.b. P1,000 overapplied.c. P4,000 underapplied.d. P4,000 overapplied.III. PreinfIV. Prea.b. larIl ad. 1,1IC.10 Select 4. A computer manufacturer recently shipped several laptops to a customer(cost: P25,000) and billed the customer P30,000. Which of the following505

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b. Debits: Accounts Receivable, Cost of Goods Sold; credits: Sales options correctly expresses the accounts that are debited and credited to a. Debits: Accounts Receivable, Finished-Goods Inventory; credits: Sales Debits: Sales Revenue, Cost of Goods Sold; credits: Accounts record this transaction? Revenue, Cost of Goods Sold. Revenue, Finished-Goods Inventory. C. Receivable, Finished-Goods Inventory. d. Debits: Sales Revenue, Finished-Goods Inventory; credits: Accoue Receivable, Cost of Goods Sold.

b. Debits: Accounts Receivable, Cost of Goods Sold; credits: Sales options correctly expresses the accounts that are debited and credited to a. Debits: Accounts Receivable, Finished-Goods Inventory; credits: Sales Debits: Sales Revenue, Cost of Goods Sold; credits: Accounts record this transaction? Revenue, Cost of Goods Sold. Revenue, Finished-Goods Inventory. C. Receivable, Finished-Goods Inventory. d. Debits: Sales Revenue, Finished-Goods Inventory; credits: Accoue Receivable, Cost of Goods Sold.

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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