ll 69%4G+11:56 MInventory $18,000A debit to Work in Process Inventory$18,000 and a credit to Finished GoodsInventory $18,000None of the aboveGoods costing $15,000 were sold for$20,000 on account. The entry to recordthis transaction would include: *A debit to Accounts Receivable $15,000and a credit to Sales Revenue $20,000A debit to Cost of Goods Sold $15,000 anda credit to Finished Goods Inventory$15,000A debit to Cost of Goods Sold $20,000 anda credit to Finished Goods Inventory$20,000None of the aboveFor a lamp manufacturing company, thecost of the insurance on the vehicles thatdeliver lamps to customers is bestdescribed as: * ll 69% i4G+11:56 Mdocs.google.com/forms/d/e/1lFor a lamp manufacturing company, thecost of the insurance on the vehicles thatdeliver lamps to customers is bestdescribed as:Indirect OverheadManufacturing overhead costPeriod costProduct costNone of the aboveWhat does manufacturing overhead costconsist of? *All manufacturing costsAll manufacturing costs except directmaterials and direct laborIndirect materials but not indirect laborIndirect labor but not indirect materialsNone of the above

Cost of goods sold: It is the cost of goods that were sold during the period. The costs include all…

Goods costing $15,000 were sold for $20,000 on account. The entry to record this transaction would include: * A debit to Accounts Receivable $15,000 and a credit to Sales Revenue $20,000 A debit to Cost of Goods Sold $15,000 and a credit to Finished Goods Inventory $15,000 A debit to Cost of Goods Sold $20,000 and a credit to Finished Goods Inventory $20,000 O None of the above

Goods costing $15,000 were sold for $20,000 on account. The entry to record this transaction would include: * A debit to Accounts Receivable $15,000 and a credit to Sales Revenue $20,000 A debit to Cost of Goods Sold $15,000 and a credit to Finished Goods Inventory $15,000 A debit to Cost of Goods Sold $20,000 and a credit to Finished Goods Inventory $20,000 O None of the above

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 sales invoice included the following information: merchandise price, $10,100; terms 1/10, n/eom; FOB shipping point with prepaid freight of $356 added to the invoice. Assuming that a credit for merchandise returned of $2,000 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? $10,100 $10,351 $2,000 $8,375
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17. Merchandise with a sales price of P500 is sold on account with term 2/10, n/30. The journal entry to record the sale would include a a. debit to Cash for P500 b. Debit to Sales Discounts for P10 C. Credit to Sales for P500 d. Debit to Accounts Receivable for P490 18. Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold account to a customer for P15,000. The seller paid transportation costs et P1,000 and issued a credit memorandum for P5,000 prior to payment. What i the amount of the cash discount allowable? a. P160 b. P150 c. P140 d. P100 19. The entry to record the return of merchandise from a customer would include a a. debit to Sales b. credit to Sales c. debit to Sales Returns and Allowances d. credit to Sales returns and Allowances 20. A sales invoice included the following information: merchandise price, P4,000; transportation, P300; terms 1/10, n/eom, FOB shipping point. Assuming tha credit for merchandise returned of P600 is granted prior to payment, trhat…
Presented below are transactions related to Crane, Inc. May 10 (a) Purchased goods billed at $15,800 subject to cash discount terms of 2/10, r/60. Purchased goods billed at $13,800 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $10,300 subject to cash discount terms of 2/10, r/30. Your answer is partially correct. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Accounts Payable Inventory Accounts Payable Debit 15800 13800 Credit 10
A wholesaler sold merchandise inventory with in invoice price RO 16,000 to the customer of business and credit terms are 3/10, n/60. What is the amount payable to the wholesaler assuming that if the customer made the payment within the discount period? a. RO 480 b. RO 14,400 c. RO 16,000 d. RO 15,520
Nieman Company purchased merchandise on account from Springhill Company for $12,100, terms 2/10, n/30. Nieman returned merchandise with an invoice amount of $2,800 and received full credit. a. If Nieman Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. b. What account is debited by Nieman Company to record the return?
American Steel accepted returned merchandise purchased on account by Sky Builders for, $14,450, plus sales tax of $1,100. What is the journal entry for American Steel to record this transaction? Debit Sales, $15,550; Credit Accounts Receivable/Sky Builders, $15,550. O Debit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100; Credit Accounts Receivable/Sky Builders, $15,550. O Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100. Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales, $15,550. %24
Brightstone Company sold P1,800 of merchandise on account to Light Saver, Inc. on September 1 with credit terms of 2/10, n/30. Light Saver returned P500 of the merchandise due to poor quality on September 3. If Oscar pays for the purchase on September 11, what entry does Brightstone make to record receipt of the payment? a. Debit Cash, P1,800; credit Sales Returns and allowances, P500; credit Accounts Receivable, P1,300 b. Debit Cash, P1,274; debit Sales Discounts P26; credit Accounts Receivable, P1,300 c. Debit Cash, P1,764; credit Accounts Receivable, P1,764 d. Debit Cash, P1,800; credit Sales Discounts P36; credit Accounts Receivable, P1,764
Global Company sold merchandise for $11,700 on account. The cost of the items sold was $7,900. If the company uses the perpetual inventory system, which of the following best reflects the journal entry that should be prepared to record this transaction? Debit Credit A. Sales revenue 11,700 Accounts receivable 11,700 Cost of goods sold 7,900 Merchandise inventory 7,900 B. Accounts receivable 11,700 Merchandise inventory 7,900 Sales revenue 3,800 C. Accounts receivable 3,800 Sales revenue 3,800 D. Accounts receivable 11,700 Sales revenue 11,700 Cost of goods sold 7,900 Merchandise inventory 7,900 Group of answer choices A. B. C. D.
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7- Which of the following transactions does the above journal item belong to? a) Goods sales expense record B) Return registration from goods purchase NS) Goods purchase discount posting D) Goods sales record TO) Goods purchase expense record