In recording the cost of merchandise sold for cash, based on data available from perpetual inventory records, the journal entry is:
A) debit Cost of Merchandise Sold; credit Sales
B) debit Cost of Merchandise Sold; credit Merchandise Inventory
C) debit Merchandise Inventory; credit Cost of Merchandise Sold
D) debit Accounts Receivable; credit Sales
B
You might also like to view...
Backward invention occurs when a firm ________
A) creates a new product to meet a need in another country B) reintroduces earlier product forms adapted to suit another country's needs C) invents products that are similar to competing offerings D) takes an existing product into a new market E) produces its own raw materials
Familiarity with accounting methods and financial records will assist the paralegal in:
A) personal injury litigation. B) family law. C) trust and estate administration. D) all of the above.
Once a Chapter 13 plan has been confirmed, it may:
a. be modified at the debtor's request but only if the trustee agrees. b. be modified only if all unsecured creditors agree. c. not be modified. d. be modified at the request of the debtor, the trustee, or a holder of an unsecured claim.
Historically, many countries had dissimilar and confusing intellectual property rules covering copyrights, trademarks, and patents. Which of the following served to clarify and harmonize the trade related aspects of intellectual property?
A) GATT B) NAFTA C) CISG D) TRIPs