When Blendtek Co. performs $980 of services on account for a customer, Blendtek will record a journal entry with a debit to:
A. Service Revenue and a credit to Deferred Revenue.
B. Accounts Receivable and a credit to Service Revenue.
C. Cash and a credit to Accounts Receivable.
D. Cash and a credit to Accounts Payable.
Answer: B
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On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available:Beginning inventory, January 1: $4,000Net sales: $80,000Net purchases: $78,000The company's gross margin ratio is 25%. Using the gross profit method, the cost of goods sold would be:
A. $60,000. B. $63,000. C. $19,500. D. $20,000. E. $58,500.
Direct materials for 8,000 units were added at the beginning of the second process during October. During the month, 8,300 units were completed and transferred to the third process. On October 1, there were 600 units in beginning inventory, and on October 31, there were 300 units still remaining in the process. Compute the equivalent units for direct materials for the second process for October
using the FIFO costing method. A) 8,600 B) 8,000 C) 8,300 D) 8,900
Team members who are not currently speaking during the presentation should maintain eye contact with the audience or look at their own notes
Indicate whether the statement is true or false
Describe the features of a good letter extending credit to a retailer