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
$175,000
$125,000
$220,000
Homework Answers
1. Answer: Debit Accounts Receivable and Credit Sales
Explanation:
Entry for merchandise sold on credit:
| Account title and Explanation | Debit | Credit |
| Accounts receivable | Amount | |
| Sales | Amount | |
| [To record credit sales] |
Thus, Option-4 Debit Accounts Receivable and Credit Sales is correct and remaining options are incorrect.
2. Answer:$220,000
Explanation:
| Beginning inventory | $80,000 |
| Purchases during the period | $140,000 |
| Goods available for sale | $220,000 |
Thus, Option-4 $220,000 is correct and remaining options are incorrect.
Add Answer to:
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