64% O 11:55Goods costing $21,000 were sold for$52,000 on account. The entry torecord this transaction would include:A credit to Accounts Receivable$52,000 and a debit to SalesRevenue $52,000A debit to Cost of Goods Sold$21,000 and a credit to FinishedGoods Inventory $21,000A debit to Cost of Goods Sold$52,000 and a credit to FinishedGoods Inventory $52,000None of the aboveTime tickets indicated 8,000 laborhours in the production of Job .115,out of which 1,000 were indirectlabor hours. The company pays $10per each labor hour. The entry torecord this transaction is:A debit to Work in Process Inventory$70,000 and a credit to FactoryLabor $70,000 Goods costing $21,000 were sold for$52,000 on account. The entry torecord this transaction would include:A credit to Accounts ReceivableO $52,000 and a debit to SalesRevenue $52,000A debit to Cost of Goods Sold$21,000 and a credit to FinishedGoods Inventory $21,000A debit to Cost of Goods SoldO $52,000 and a credit to FinishedGoods Inventory $52,000None of the above

Sales are described as the term which is used when the business provides the goods or services to…

Goods costing $21,000 were sold for $52,000 on account. The entry to record this transaction would include: A credit to Accounts Receivable $52,000 and a debit to Sales Revenue $52,000 A debit to Cost of Goods Sold O $21,000 and a credit to Finished Goods Inventory $21,000 A debit to Cost of Goods Sold $52,000 and a credit to Finished Goods Inventory $52,000 O None of the above

Goods costing $21,000 were sold for $52,000 on account. The entry to record this transaction would include: A credit to Accounts Receivable $52,000 and a debit to Sales Revenue $52,000 A debit to Cost of Goods Sold O $21,000 and a credit to Finished Goods Inventory $21,000 A debit to Cost of Goods Sold $52,000 and a credit to Finished Goods Inventory $52,000 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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Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for $9,500. Pierce prepaid the $285 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable—Stanton, debit $9,785; Sales, credit $9,785 b.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500 c.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500, and Delivery Expense, debit $285; Cash, credit $285 d.Accounts Receivable—Stanton, debit $9,405; Sales, credit $9,405, and Accounts Receivable—Stanton, debit $285; Cash, credit $285
Garth Company sold goods on account to Kyle Enterprises with terms of 2/10, n/30. The goods had a cost of $600 and a selling price of $1,100. Both Garth and Kyle use a perpetual inventory system.Record the sale on the books of Garth. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record credit sale.) (To record cost of good sold.)
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $23,950 with terms 2/10, n/30. The cost of the merchandise sold was $14,370. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable Sales Cost Cost of Merchandise Sold Merchandise Inventory b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Cash Accounts Receivable c. Issued a $1,100 credit memo for damaged merchandise. The customer agreed to keep the merchandise. If an amount box does not require an entry, leave it blank. Customer Refunds Payable Accounts Receivable
Journalize the following merchandise transactions: a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900. b. Received payment less the discount. c. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.
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a. Sampson Co. sold merchandise to Batson Co. on account, $35,200, terms 2/15, n/45. b. The cost of the goods sold is $26,400. c. The Batson Co. paid the invoice within the discount period. Assume that both Sampson and Batson use a perpetual inventory system and that Sampson Co. uses the net method of recording sales discounts. If no entry is required, select "No entry required" and leave the amount boxes blank. Journalize the entries that Sampson Company would record for the information above. If an amount box does not require an entry, leave it blank. a. b. C. Journalize the entries that Batson Company would record for the information above. If an amount box does not require an entry, leave it blank. a. b. C.
Abbey Co. sold merchandise to Gomez Co. on account, $29,800, terms 2/15, net 45. The cost of the goods sold was $15,731. Abbey Co, issued a credit memo for $3,600 for merchandise returned that originally cost $1,484. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? O s11,429 O $14,957 O $14.247 O $3,600 Previous Next 6:26 PM 38 3/22/2021