A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $7,000 and paid $800 for the freight-in. The company sold the whole lot to a supermarket chain for $14,000 on account
Which of the following entries correctly records the sale?
A)
Accounts Receivable 14,000
Sales Revenue 14,000
Cost of Goods Sold 7,800
Merchandise Inventory 7,800
B)
Merchandise Inventory 14,000
Cost of Goods Sold 14,000
C)
Cost of Goods Sold 14,000
Sales Revenue 14,000
D)
Accounts Receivable 14,000
Sales Revenue 14,000
Cost of Goods Sold 7,000
Merchandise Inventory 7,000
A
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Your grandmother and her friends are thinking of starting a business making quilts. Since you are taking a marketing course, she has asked you for some advice on what type of supply chain strategy they should use. She tells you that they want to keep their inventory low and want to ensure that if they make a quilt it will sell. What type of strategy would you recommend?
What will be an ideal response?
The individual accounts with customers are included in a subsidiary ledger called the
A) asset ledger B) accounts payable ledger C) expense ledger D) accounts receivable ledger
A report discussing the correct procedure to process customer complaints should be organized using a chronological order
Indicate whether the statement is true or false
Use the information from Scenario 6.1 to determine the expected cost of operating a small facility for a period of two years
A) $1,102,500 B) $1,005,500 C) $502,500 D) $2,205,000