Question 7Sale made on account for $10,000 included inventory with a cost of $8800. The journal entry(ies) to record the transaction above isAccount TitlesCashSales RevenueCost of Goods SoldInventoryAccount TitlesCashSales RevenueInventoryCost of Goods SoldAccount TitlesAccounts ReceivableSales RevenueCost of Goods SoldInventoryAccount TitlesAccounts ReceivableInventoryDebit10,000Debit10,000Debit8800Debit880010,000880010,000Credit10,0008800Credit10,0008800Credit10,000Credit880010.000

Lets understand the basics.Journal entry is required to make to record event and transaction that…

Sale made on account for $10,000 included inventory with a cost of $8800. The journal entry(ies) to record the transaction abc O Account Titles Cash Sales Revenue Cost of Goods Sold Inventory Account Titles Cash Sales Revenue Inventory Cost of Goods Sold Debit Cost of Goods Sold Inventory 10,000 Debit 8800 10,000 Debit 8800 Account Titles Accounts Receivable 10,000 Sales Revenue 8800 Credit 10,000 8800 Credit 10,000 8800 Credit 10,000 8800

Sale made on account for $10,000 included inventory with a cost of $8800. The journal entry(ies) to record the transaction abc O Account Titles Cash Sales Revenue Cost of Goods Sold Inventory Account Titles Cash Sales Revenue Inventory Cost of Goods Sold Debit Cost of Goods Sold Inventory 10,000 Debit 8800 10,000 Debit 8800 Account Titles Accounts Receivable 10,000 Sales Revenue 8800 Credit 10,000 8800 Credit 10,000 8800 Credit 10,000 8800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

ONLY TYPED SOLUTION
A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $900.00 to the vendor. Which of the following would be the correct journal entry to record these returns? OA. Accounts Payable 900 Merchandise Inventory 900 OB. Accounts Payable 900 Purchase Returns 900 OC. Merchandise Inventory 900 Accounts Payable 900 OD. Purchase Returns 900 Accounts Payable 900
Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $111,500, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,900. Shore paid freight of $2,000. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. Accounts Receivable-Blue Star Co. 109,270 Sales 109,270 Cost of Goods Sold 66,900 Inventory 66,900 Accounts Receivable-Blue Star Co. 2,000 Cash 2,000 Cash Accounts Receivable-Blue Star Co. Journalize Blue Star Co.'s entry for the sale, purchase, and payment of amount due. If an amount box does not require an entry, leave it blank. Inventory Accounts Payable-Shore Co.
Below are some of the account balances of FDN Company. Purchases P 1,269,500 Purchase returns and allowances 59,725 Freight in 33,800 Freight out 28,950 Beginning inventory 289,150 Cost of goods sold 1,232,825 How much is the total cost of goods available for sale?
A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. Whataccounts recognize this return before the retailer remits payment to the manufacturer?A. accounts payable, merchandise inventoryB. accounts payable, cashC. cash, merchandise inventoryD. merchandise inventory, cost of goods sold
Using the accounts and amounts below, calculate Net Sales: Account Amount Sales Revenue $142,055 Purchase Discounts 1,886 Sales Discounts Sales Returns and Allowances 2,881 2,515 Cost of Goods Sold 40,889
7 Morgan, Incorporated uses a perpetual inventory system and the net method of recording purchases. On May 12, a merchandise purchase of $19,600 was made on credit, 3/10, n/30. The journal entry to record this purchase is: Multiple Choice Account Title Debit Credit Merchandise Inventory 19,600 Accounts Payable 19,600 Account Title Debit Credit Purchases 19,600
Heer Don't upload any image please
a company purchased 3300 of merchandise on july 5th with term 3/10 n/30 on july 7th it returned of 900 worth of merchandise on july 12 it paid the full amount due assuming the company uses a perpetual inventory system and records purchases using the gross method the correct journal entry to record the payment on july 12th is debit merchandise inventory 2400 credit cash 2400 debit cash 2400 credit account Pay 2400 debit account Pay 2400 credit merchandise inventory 72 credit cash 2328 debit account pay 3300 credit cash 3300 debit account pay 2400 credit cash 2400
prepare a journal entry to record transaction Buyer buys merchandise for 3,000, credit terms 2/10 n/30. Merchandise cost 1800
Dog