Feathertouch Company sold merchandize worth $800 on credit, terms n/15 . The merchandize sold had cost $550 . What is the required journal entry to record the transaction under the perpetual inventory system?
a. Accounts Receivables 800
Sales 800
Cost of Goods Sold 550
Merchandize Inventory 550
b. Sales 800
Accounts Receivables 800
Merchandize Inventory 550
Cost of Goods Sold 550
c. Accounts Receivables 800
Merchandize Inventory 800
Cost of Goods Sold 250
Merchandize Inventory 250
d. Merchandize Inventory 800
Sales 800
Cost of Goods Sold 550
Merchandize Inventory 550
A
You might also like to view...
Depreciation has no effect on income taxes, since it only reduces a plant asset's book value
a. True b. False Indicate whether the statement is true or false
A business that uses the same accounting methods year after year is following the consistency principle
Indicate whether the statement is true or false
The main differences among the balance sheets of the sole proprietorship, the partnership, and the corporation are found in the current assets and current liabilities sections
Indicate whether the statement is true or false
Which of the following is FALSE concerning the use of Internet sources for research?
a. Internet resources may be inaccurate. b. Internet sources are legal to use in any way without concerns over copyright. c. Internet resources can reflect out-of-date information. d. Electronic periodicals are not always subjected to a review process.