Homework Answers
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Date |
General journal |
Debit |
credit |
|
Cash / Account receivable (If on Account) |
XXX |
||
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Sales revenue |
XXX |
||
|
(To record Sales revenue) |
|||
|
Cost Of goods sold |
XXX |
||
|
Finished Goods Inventory |
XXX |
||
|
(To record Cost of goods sold.) |
|||
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From Above Journal entry, Correct option is |
|||
|
Credit To Finished Goods Inventory |
|||
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4. Which of the following is correctly included in the entry to record the sale of...
Which of the following is included in the entries to record the sale of a job...
Which of the following is included in the entries to record the sale of a job costing $5,000 to produce? Finished Goods Inventory 5,000 Work in Process Inventory 5,000 Cost of Goods Sold 5,000 Work in Process Inventory 5,000 Work in Process Inventory 5,000 Finished Goods Inventory 5,000 *Cost of Goods Sold 5,000 Finished Goods Inventory 5,000
Which of the following is the entry to record the purchase of inventory on account? Debit...
Which of the following is the entry to record the purchase of inventory on account? Debit Inventory; Credit Cost of Goods Sold Debit Sales; Credit Accounts Receivable Debit Inventory; Credit Accounts Payable Debit Inventory; Credit Accounts Receivable Debit Accounts Payable; Credit Inventory
5.) Which of the following is an example of a direct cost? A.) Raw materials applied...
5.) Which of the following is an example of a direct cost? A.) Raw materials applied to a house during construction. B.) Labor for the sales department, trying to specifically sale house 1. C.) Labor for the cleanup crew. D.) Materials in the warehouse that is divided into the different projects (i.e. house 1, house 2, etc.) 6.) Which of the following accounts represents the costs associated with goods that were completed and sold? A.) Cost of Goods Sold. B.)...
Fan Company sells inventory on account. The entry or entries to record this sale using a...
Fan Company sells inventory on account. The entry or entries to record this sale using a perpetual inventory system would include a: Multiple Choice Debit to Accounts Receivable Credit to Sales Revenue Debit to Cost of Goods Sold. All of the these are included to record the sale. Katie Malls has the following inventory transactions for the year: Date Jan. 1 Apr. 8 Transaction Beginning inventory Purchase Numbers of Units 20 50 Unit Cost $35 40 Total cost $ 700...
1. Which of the following statements is true? A. A process costing system will have a...
1. Which of the following statements is true? A. A process costing system will have a single work in process account B. A process costing system will have a separate raw materials account for each of the major processes. C. A process costing system will have a separate work in process account for each of the major processes 2. The journal entry to record the actual Manufacturing Overhead incurred includes A. a debit to Manufacturing Overhead B. a debit to...
1. Which of the following are examples of adjusting entries? i) An entry to record interest...
1. Which of the following are examples of adjusting entries? i) An entry to record interest owing on a bank loan at the end of the period. The interest is not yet paid, and is previously unrecorded. ii) A depreciation entry to reflect the use of long-lived equipment during the period. iii) An entry to correct an error that was discovered in the trial balance, when a $100 debit was incorrectly posted to inventory rather than accounts receivable. a. i...
Which of the following shows the correct journal entry to record the sale under the gross...
Which of the following shows the correct journal entry to record the sale under the gross method if Beryl Brothers made a $15,000 sale with credit terms of 1/15, n/30? A : Debit Accounts Receivable for $14,850 and credit Sales Revenue for $14,850 B : Debit Accounts Receivable for $15,000 and credit Sales Revenue for $15,000 C : Debit Accounts Receivable for $14,850 and Sales Discounts for $150 and credit Sales Revenue for $15,000 D : Debit Accounts Receivable for...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue (4) cr. dr. Cash (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchased on dr. Accounts Receivable dr. Choose......
stion 4 Using a perpetual inventory system, which of the following entries would record the cost...
stion 4 Using a perpetual inventory system, which of the following entries would record the cost of merchandise sold? Debit Inventory; Credit Cost of Goods Sold Debit Sales Discount; Credit Accounts Payable Debit Cost of Goods Sold; Credit Purchase Discounts Debit Cost of Goods Sold; Credit Inventory None of these is correct
A company that uses a job order costing system would make the following entry to record...
A company that uses a job order costing system would make the following entry to record the flow of direct materials into production: Multiple Choice o o debit Work in Process Inventory, credit Cost of Goods Sold. debit Work in Process Inventory, credit Factory Overhead. o debit Finished Goods Inventory, credit Raw Materials Inventory. o debit Factory Overhead, credit Raw Materials Inventory. O debit Work in Process Inventory, credit Raw Materials Inventory.
Which of the following is the entry to record the purchase of inventory on account? Debit Inventory; Credit Cost of Goods Sold Debit Sales; Credit Accounts Receivable Debit Inventory; Credit Accounts Payable Debit Inventory; Credit Accounts Receivable Debit Accounts Payable; Credit Inventory
5.) Which of the following is an example of a direct cost? A.) Raw materials applied to a house during construction. B.) Labor for the sales department, trying to specifically sale house 1. C.) Labor for the cleanup crew. D.) Materials in the warehouse that is divided into the different projects (i.e. house 1, house 2, etc.) 6.) Which of the following accounts represents the costs associated with goods that were completed and sold? A.) Cost of Goods Sold. B.)...
Fan Company sells inventory on account. The entry or entries to record this sale using a perpetual inventory system would include a: Multiple Choice Debit to Accounts Receivable Credit to Sales Revenue Debit to Cost of Goods Sold. All of the these are included to record the sale. Katie Malls has the following inventory transactions for the year: Date Jan. 1 Apr. 8 Transaction Beginning inventory Purchase Numbers of Units 20 50 Unit Cost $35 40 Total cost $ 700...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue (4) cr. dr. Cash (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchased on dr. Accounts Receivable dr. Choose......
stion 4 Using a perpetual inventory system, which of the following entries would record the cost of merchandise sold? Debit Inventory; Credit Cost of Goods Sold Debit Sales Discount; Credit Accounts Payable Debit Cost of Goods Sold; Credit Purchase Discounts Debit Cost of Goods Sold; Credit Inventory None of these is correct
A company that uses a job order costing system would make the following entry to record the flow of direct materials into production: Multiple Choice o o debit Work in Process Inventory, credit Cost of Goods Sold. debit Work in Process Inventory, credit Factory Overhead. o debit Finished Goods Inventory, credit Raw Materials Inventory. o debit Factory Overhead, credit Raw Materials Inventory. O debit Work in Process Inventory, credit Raw Materials Inventory.
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