A company sold merchandise with a cost of $207 for $370 on account. The seller uses the perpetual inventory system. The entry to record the cost of merchandise sold would include ________.
A) a debit to Sales Revenue and a credit to Cash for $370
B) a debit to Cash and a credit to Sales Revenue for $370
C) a debit to Cost of Goods Sold and a credit to Merchandise Inventory for $207
D) a debit to Merchandise Inventory for $207 and a credit to Cost of Goods Sold for $207
C) a debit to Cost of Goods Sold and a credit to Merchandise Inventory for $207
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The revenue premium approach to estimate brand equity involves determining the financial value of the company through stock valuation with an estimate of the portion of the value allocated to brand equity and not physical assets
Indicate whether the statement is true or false
A donor gave a nonprofit organization a $10,000 gift to pay the implementation costs of a new program. This is an example of a(an) ______.
A. endowment B. trade benefit C. permanent restriction D. temporary restriction
The essential characteristics of an entity are its _____ .
a. attributes b. properties c. qualities d. variables e. all of the above
[The following information applies to the questions displayed below.] Malone Company sells two products Big X and Little X. Current direct material and direct labor costs are detailed below. Next year, the company wishes to use a plantwide overhead rate with direct labor hours as its allocation base. Next year's overhead is estimated to be $510,000. The direct labor and direct materials costs are estimated to be consistent with the current year. Direct labor costs $20 per hour and the company expects to manufacture 15,000 units of Big X and 18,000 units of Little X next year. DirectMaterialper UnitDirectLabor Dollarsper UnitBig X$5 $18 Little X$3 $12?Malone's plantwide overhead rate will be $20.99 per direct labor hour next year.
Answer the following statement true (T) or false (F)