Homework Answers
| answer) | |||||||
| Debit Account receivable $625 and credit sales $625 | |||||||
| since goods are sold on account we increase asset account receivable | |||||||
| and goods are sold so credit sales | |||||||
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Mullis Company sold merchandise on account to a customer for $625, terms n/30. The journal entry...
Merchandise with a sales price of $500 is sold on account with terms 2/10, n/30. The...
Merchandise with a sales price of $500 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a O A) Debit to Accounts Receivable for $490 B) Debit to Cash for $490 OC) Credit to Sales for $500 O D) debit to Accounts Receivable for $500
Merchandise with a sales price of $4,300 is sold on account with terms 2/10, n/30. The...
Merchandise with a sales price of $4,300 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a Oa. debit to Sales Discounts for $86 Ob. debit to Accounts Receivable for $4,194 Oc. debit to Cash for $4,300 Od. credit to Sales for $4,214 ; the second one is to close There are two closing entries. The first one is to close Oa. revenues, expenses Ob. revenues, expenses and the drawing account Oc....
D Question 21 2 pts Force Inc. sold merchandise on account for $75,000 with terms 2/15,...
D Question 21 2 pts Force Inc. sold merchandise on account for $75,000 with terms 2/15, n/30. If the company uses the gross method to record sales on account, which of the following will be included in the journal entry to record the sale? Credit Accounts Receivable $75,000 O Debit Sales Discount $1.500 Credit Sales Revenue $75.000 Debit Cash $75,000
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card....
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4.0% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately The journal entry to record this sale transaction would be: Multiple Choice O Debit Cash of $580 and credit Accounts Receivable-Regional $580. ) Debit Cash of $580 and credit Sales $580. ooooo Debit Accounts...
Saved Save & Exit Sub iz- Required Help Mackenzie Company sold $180 of merchandise to a...
Saved Save & Exit Sub iz- Required Help Mackenzie Company sold $180 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately. The journal entry to record this sale transaction would be: Multiple Choice 29 Debit Cash of $180 and credit Sales $180. Debit Cash of $180 and...
Which Special Journal would the following transaction be journalized in? Sold merchandise on account to Customer...
Which Special Journal would the following transaction be journalized in? Sold merchandise on account to Customer Company terms 2/10, n/30 for 7,000.00 with a cost of 3,000.00. Choose the best answer below: Multiple Choice Sales Journal Purchases Journal Cash Payment Journal/Cash Disbursements Journal Cash Receipts Journal General Journal
Lamps Unlimited, a wholesaler, sold several crates of lighting for $1,500 on account, to a customer...
Lamps Unlimited, a wholesaler, sold several crates of lighting for $1,500 on account, to a customer with credit terms of 110, 1/30. If the customer pays within the discount period, the journal entry to record the receipt of payment would include: Multiple Choice a debit to Accounts Receivable for $1,500 a credit to Accounts Receivable for $1485 0 a debit to Sales Discounts for $15 0 O credit to Sales Discounts for $150. 0
On February 3, Smart Company sold merchandise in the amount of $1,800 to Truman Company, with...
On February 3, Smart Company sold merchandise in the amount of $1,800 to Truman Company, with credit terms of 1/10, n/30. The cost of the items sold is $1,240. Smart uses the perpetual inventory system and the gross method. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is: Multiple Choice Account Title Debit Credit Cash 1,240 Accounts Receivable 1,240 Account Title Debit Credit Cash 1,800 Accounts Receivable...
1. Wilshire Equipment Company sold merchandise on credit.No discounts were offered. The proper journal entry to...
1. Wilshire Equipment Company sold merchandise on credit.No discounts were offered. The proper journal entry to record this sale would be: Debit Accounts Receivable, and Credit Purchases (or inventory) Debit Cash, and Credit Accounts Receivable. Debit Sales, and Credit Accounts Receivable. Debit Accounts Receivable and Credit Sales None of these. 2. Sperry Company had a beginning inventory of $80,000, purchased merchandise during the period for $140,000, and had ending inventory of $95,000. How much was goods available for sale? $155,000...
The journal entry that records the collection of cash from a customer for payment on account...
The journal entry that records the collection of cash from a customer for payment on account for a sale that was recorded previously includes a debit to: Multiple Choice Accounts Receivable and credit to Cash. Cash and credit to Accounts Payable. Cash and credit to Accounts Receivable Accounts Payable and credit to Cash.
Merchandise with a sales price of $500 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a O A) Debit to Accounts Receivable for $490 B) Debit to Cash for $490 OC) Credit to Sales for $500 O D) debit to Accounts Receivable for $500
Merchandise with a sales price of $4,300 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a Oa. debit to Sales Discounts for $86 Ob. debit to Accounts Receivable for $4,194 Oc. debit to Cash for $4,300 Od. credit to Sales for $4,214 ; the second one is to close There are two closing entries. The first one is to close Oa. revenues, expenses Ob. revenues, expenses and the drawing account Oc....
D Question 21 2 pts Force Inc. sold merchandise on account for $75,000 with terms 2/15, n/30. If the company uses the gross method to record sales on account, which of the following will be included in the journal entry to record the sale? Credit Accounts Receivable $75,000 O Debit Sales Discount $1.500 Credit Sales Revenue $75.000 Debit Cash $75,000
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4.0% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately The journal entry to record this sale transaction would be: Multiple Choice O Debit Cash of $580 and credit Accounts Receivable-Regional $580. ) Debit Cash of $580 and credit Sales $580. ooooo Debit Accounts...
Saved Save & Exit Sub iz- Required Help Mackenzie Company sold $180 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately. The journal entry to record this sale transaction would be: Multiple Choice 29 Debit Cash of $180 and credit Sales $180. Debit Cash of $180 and...
Lamps Unlimited, a wholesaler, sold several crates of lighting for $1,500 on account, to a customer with credit terms of 110, 1/30. If the customer pays within the discount period, the journal entry to record the receipt of payment would include: Multiple Choice a debit to Accounts Receivable for $1,500 a credit to Accounts Receivable for $1485 0 a debit to Sales Discounts for $15 0 O credit to Sales Discounts for $150. 0
The journal entry that records the collection of cash from a customer for payment on account for a sale that was recorded previously includes a debit to: Multiple Choice Accounts Receivable and credit to Cash. Cash and credit to Accounts Payable. Cash and credit to Accounts Receivable Accounts Payable and credit to Cash.
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