Mitchell uses a perpetual inventory system. Mitchell sells a computer from inventory for $1,198 on credit. Mitchell originally bought the computer from IBM for $790. What journal entry (entries) will Mitchell prepare to record the sale?
A. Debit Cash and credit Sales Revenue for $1,198; debit Cost of Goods Sold and credit Inventory for $790.
B. Debit Inventory for $790, debit Cost of Goods Sold for $408, and credit Accounts Receivable for $1,198.
C. Debit Accounts Receivable for $1,198, credit Inventory for $790, and credit Gross Profit for $408.
D. Debit Accounts Receivable and credit Sales Revenue for $1,198; debit Cost of Goods Sold and credit Inventory for $790.
Answer: D
You might also like to view...
Liu is researching genetic engineering for a research paper. She visits Google and searches for CRISPR, receiving nearly 4.5 million results, the first 30 of which are listed on the ________ page.
A. search-results B. content C. browser link D. protocol-linked E. home
Which of the following best describes a marketing department with a functional organization?
A) A company creates large teams, or even whole divisions, to serve domestic and international markets. B) Marketing managers are responsible for developing marketing strategies and plans for their specific markets or customers, and the company is organized around the needs of specific customer segments. C) A product manager develops and implements a complete strategy and marketing program for a specific product or brand. D) Sales and marketing people are assigned to specific countries, regions, and districts. E) Different marketing activities are headed by specialists such as sales managers, advertising managers, marketing research managers, and customer service managers.
The amount of sales time a salesperson should spend with an account should be determined by:
A. the strength of relationship with the client. B. the time required to travel to the customer's place. C. the similarity of the customer's needs with those of other accounts. D. the number of years the account has been a customer. E. the value of the business from the account.
Which of the following is not provided on the private insurance market?
A) Bank deposit insurance B) Life insurance C) Health insurance D) Commercial lines insurance