sold merchandise on account would be recorded with

Dr Cash 24,990. Global Company sold merchandise to Montana Industries for cash, $3,450. You will credit your Purchases account to record the amount spent on the materials. Which of the following will be recorded by Global Company in the journal entry for the refund from . Paid transportation charges of $200, which were added to the invoice. Accounting; Accounting questions and answers; Sold merchandise on account would be recorded using: a debit to an asset account. 18 Sold merchandise on account to Perniagaan Murni, RM12,000, terms 2/10, n/30, FOB shipping point was RM200. PDF 1 6 Accounting for Merchandising Businesses shipping point. Sold merchandise subject to a sales tax, accepting cash, this will be recorded with. May 15 The cost of merchandise sold was RM4,000. 01: Sold merchandise on account to Al-Habib Co. $875, invoice no. Instead, we use Purchases and the contra accounts related to Purchases. It is recorded in the books of accounts by debiting the cash or merchandise account and crediting the sales revenue account. During 2021, Halifax sold merchandise on account for $12,800,000. The journal entry to record the collection of the account should be: XY/YY, collection of accounts receivable. The cost of the goods sold was $385,000. The cost of the merchandise sold is $38,500. Since we are tracking the returns through Sales Returns and Allowances, there is no need to create a contra account for Cost of Goods Sold. a . The goods were shipped F.O.B. Dorman Co. issued a credit memo for $1,750 for merchandise returned that originally cost $1,400. If an amount box does not require an entry, leave it blank. Cash (Debit) 91,575 Accounts Receivable (Credit) 91,575 How to get there: 1/10, n/30: 1% discount if paid within 10 days, net amount due within 30 . None of these are correct. return period. The cost of goods sold was $600. The cost of goods sold was $27,600. Accounting; Accounting questions and answers; Sold merchandise on account would be recorded using: a debit to an asset account. (L.O. In Fatin's journal entry, what should be recorded? (b) On July 8, Kingston Inc. returned merchandise worth $3,800 to Galaxy Co. (c) On July 11, Kingston Inc. paid for the merchandise. . When adding a COGS journal entry, you will debit your COGS Expense account and credit your Purchases and Inventory accounts. The cost of the goods sold was RM9,000. The cost of merchandise sold was RM4,000. (To record merchandise sold with terms 2/10. debit to Accounts Receivable, $34,300; credit to Sales, $34,300 . A perpetual inventory system is used. b) Sold merchandise on account to Comet Co., $10,000, terms FOB Destination, 1/10, n/30. May 13: The customer returned $1,250 worth of slightly damaged merchandise to the retailer and received a full refund. Returns Using Periodic Inventory. The sales can be debited to cash since the deposit is at the end of the business day. Sold merchandise subject to a sales tax, accepting cash, this will be recorded with. OD. 6 Returned RM3,000 of the merchandise purchased on March. Under periodic inventory, we do not use the Inventory account to record day-to-day transactions. This will be recorded with: a credit to an asset account. EX.05-19 eBook Show Me How Sales Tax Transactions Journalize the entries to record the following selected transactions: a. a credit to a liability account. The journal entry to record the collection of the account should be: XY/YY, collection of accounts receivable. Halifax's merchandise costs it 70% of merchandise selling price. Prepare a journal entry to record this transaction. The journal entry to record the sale would include a a. debit to Cash for $5,000 OB. Also, since the expense is easily determined (2.5% of sales), that expense can be immediately identified and should be recorded. Purchase Transactions 8. At what value should the land be recorded Merchandise that has been sold but not yet recorded in the accounts should not be included in the physical inventory at year-end. of merchandise on account from the Ganster Company. b. 9 Paid to Oxxon for the purchase on 1 March less the return and discount. The cost of the merchandise purchased but not yet sold is reported in the account Inventory or Merchandise Inventory. An example of a subsidiary ledger is the revenue ;edger . OD. During the current year, merchandise is sold for $250,000 cash and for $975,000 on account. Dr Cash 24,990. a debit to a liability and a credit to an asset. A. Debit to Cash, $34,300; credit to Sales, $34,300. [Journal Entry] When merchandise is sold, two journal entries are recorded. The Geo Company sold merchandise on account for $35,000 with terms 2/10, n/30. Prepare a journal entry to record this transaction. Accounting questions and answers. Received payment less the discount. c) Paid transportation charges of $400 for delivery of merchandise sold to Comet Co. The sold merchandise on account will result in the increase of both total revenues and total assets on the day of selling the merchandise. The cost of merchandise sold was $30,000. For a cash purchase, Cash is credited; for a credit purchase, Accounts Payable is credited. Introduction to Inventory and Cost of Goods Sold. Cost of Sales P 4,500 Inventory P 4,500 Cash P 1,000 Accounts Receivable 7,000 . True False 16. An example of a subsidiary ledger is the revenue ;edger . 18 Sold merchandise on account to Perniagaan Murni, RM12,000, terms 2/10, n/30, FOB shipping point was RM200. Banks Company sold merchandise on account for $35,000 with terms 2/10, n/30. The journal entries to record this transaction should be: XX/YY, merchandise sold on account. Sold $8,600 of merchandise on credit (cost of $2,650), with terms 5/10, n/30, and invoice dated May 10. a debit to an owner's equity account. 05: Sold merchandise on account to Green Brothers $1,780, invoice no. Dr Accounts receivable 25,500 Cr Sales revenue 25,500. 6 Returned RM3,000 of the merchandise purchased on March. a credit to a liability account. 183. Sold $640,000 of merchandise on account, subject to a sales tax of 7%. The cost of merchandise sold was $27,600. O c. short period. Selling on credit always requires a debit to Accounts Receivable and a credit to Sales. True False 17. ANSWER: (D) A. RM500 B. RM6,000 C. RM7,000D. Dr Accounts receivable 25,500 Cr Sales revenue 25,500. of goods sold is determined only at the end of an accounting period. cost of merchandise sold b. purchases purchases returns and allowances d. net purchases 19. the cost of goods sold at current replacement costs. 27 Received payment from Perniagaan Murni for the sale on 18 . b. The journal entries to record this transaction should be: XX/YY, merchandise sold on account. a debit to a liability and a credit to an asset. 2) Under the perpetual inventory system, purchases of merchandise for sale are recorded in the Inventory account. Returned merchandise for credit on account the perpetual inventory system is in use this will be recorded with. Which of the following journal entries will be recorded for the sale of merchandise? The cost of goods sold was $1,850. The retailer returned the merchandise to its inventory at a cost of $380. [Q1] The entity sold merchandise at the sale price of $50,000 on account. Record the following transactions in the sales journal and sales returns and allowances journal, and post to the ledger accounts. At what value should the land be recorded The cost of the merchandise sold is $735,000. 745 Choose the best answer. a debit to an owner's equity account. O c. a debit to a liability account. FINACRE SA1 The receipt of cash arising from a sales transaction would be recorded in the cash receipts journal Sold merchandise costing P4,500 for P1,000 cash and P7,000 on open account. The freight charge of $130 was paid by Ganster Company and added to the invoice. 744; Apr. a credit to a liability. Returned merchandise for credit on account the perpetual inventory system is in use this will be recorded with. A Sold Merchandise for Cash subject to a sales tax. Sara's . [Journal Entry] When merchandise is sold, two journal entries are recorded. 9 Paid to Oxxon for the purchase on 1 March less the return and discount. Dr Sales discount 510 Cr Accounts receivable 25,500 Q: Journalize the following merchandise transactions: Sold merchandise on account, $92,500 with terms 1/10, n/30. D. Geo Company sold merchandise on account for $35,000 with terms 2/10, n/30. The amount to record in the Merchandise Inventory account is: None of these are correct. Credit Estimated Returns Inventory, $600. a credit to a liability. Which of the following will be recorded by Global Company in the journal entry for the refund from the cost of the sale? a debit to Capital. Year: 2016. You may be wondering, Is cost of goods sold a debit or credit? a . Sampson Co. sold merchandise to Batson Co. on account, $46,000, terms 2/15, net 45. Apr. Purchases are decreased by credits and inventory is increased by credits. The cost of the merchandise sold was $3,000. During periods of inflation, the specific identification cost flow assumption will yield a higher cost of goods sold than LIFO. Dorman Co. sold merchandise to Smith Co. on account, $18,000, terms 2/15, net 45. Merchandise with a sales price of $5,000 is sold on account with terms 2/10, n/30. a debit to a liability account. The sold merchandise on account will result in the increase of both total revenues and total assets on the day of selling the merchandise. The cost of merchandise sold was $27,600. Additionally, if we use the perpetual inventory system, it will also result in the increase of the cost of goods sold on the income statement as well as the decrease of the asset which is the merchandise inventory on the balance sheet on the same day. This will be recorded with: a credit to an asset account. 27 Received payment from Perniagaan Murni for the sale on 18 . Inventory is merchandise purchased by merchandisers (retailers, wholesalers, distributors) for the purpose of being sold to customers. What is the amount of the gross profit? The sales journal is used to record sales on account (meaning sales on credit or credit sale). The cost of merchandise sold was $30,000. Global Company refunded Montana Industries $900 for returned merchandise. Additionally, if we use the perpetual inventory system, it will also result in the increase of the cost of goods sold on the income statement as well as the decrease of the asset which is the merchandise inventory on the balance sheet on the same day. n/30) 11-Apr: Cash . The cost of the merchandise was $6,000. Correct answers: 1 question: Record the following transactions on the books of Galaxy Co. (a) On July 1, Galaxy Co. sold merchandise on account to Kingston Inc. for $17,200, terms 2/10, n/30. collected from a change customer. The Sales Journal. Hint : answer may be more than one depending on the transactions. [Q1] The entity sold merchandise at the sale price of $50,000 on account. Firas paid the RM1,000 shipping costs. Because every credit sales transaction is recorded in the same way, recording all of those transactions in one place simplifies the accounting process. Which of the following journal entries will be recorded for the sale of merchandise? 29. O B. discount period. During the current year, merchandise is sold for $250,000 cash and for $975,000 on account. collected from a change customer. B. Debit to Accounts Receivable, $35,000; credit to Sales, $35,000. The cost of the merchandise sold is $15,500. a debit to a liability account. Accepting cash will be recorded with none of the above. The length of time the customer is allowed to repay the bill is the: O A. credit period. Also during the year, customers returned $370,000 in sales for credit, with $204,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. 9. The transaction would be recorded as a debit to cash (asset), credit to liability (sales tax payable), and credit to sales revenue. The cost of the merchandise sold is $735,000. The cost of merchandise sold was $600. What is the amount of the gross profit? None of these is correct. 6-1 Example Exercise 6-1 10 Gallatin Repair Service was offered $160,000 for the land by a national retail chain. The cost of the merchandise sold was $55,500. 6-1 Example Exercise 6-1 10 Gallatin Repair Service was offered $160,000 for the land by a national retail chain. Question: Sold merchandise on account would be recorded with: O A. a debit to an asset account. Firas sold merchandise on account to Fatin, RM15,000, terms FOB shipping point, n/45. Dr Sales discount 510 Cr Accounts receivable 25,500

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