User Account

All Pages

Determine which journal entry to record sale would include

Assignment Help Financial Accounting
Reference no: EM132717769

Problem 1: Merchandise with a sales price of $1,000 is sold on account with term 1/10, n/30. The journal entry to record the sale would include a

a. debit to Cash for $10
b. debit to Sales Discounts, $10
c. credit to Accounts Payable, $1,000
d. credit to Sales Revenue, $1,000 (correct answer)

Reference no: EM132717769

Questions Cloud

Calculate the cost of direct materials used during june : In June, Olympic Company purchased materials costing $38,000, and incurred direct labor cost of $42,000. Overhead totaled $27,000 for the month.
Find which of the statements about non-financial measures : Find Which of the statements about non-financial measures is/are true? Non-financial measures may reflect drivers of future financial performance.
Think about morality in the modern world : How should we think about morality in the modern world? To put it another way, is virtue, as Aristotle conceived it, possible?
How the cost of the brochure should be transferred : As a team, recommend how the cost of the brochure should be transferred to the Customer Service Department
Determine which journal entry to record sale would include : Determine The journal entry to record the sale would include a? Merchandise with a sales price of $1,000 is sold on account with term 1/10, n/30.
How is racism socially constructed in our culture : How is racism socially constructed in our culture? Do you think race is biologically real?
What is the area between the mean and 395 pounds : What is the probability of selecting a value at random and discovering that it has a value of less than 395 pounds and How many disasters would you expect
Explain the idea of an open concept : How does Weitz use the example of games to explain the idea of an "open concept"?
What the capital balance of sunny before yoona admission is : Yoona invested cash of P565,640 to give her a third interest in the total capital of the firm. 26. The capital balance of Sunny before Yoona's admission is

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare a pension worksheet for the pension plan

On January 1, 2014, Harrington Company has the following defined benefit pension plan balances. Prepare a pension worksheet for the pension plan for 2014 and 2015.

  Was the company able to generate value for shareholders

Do you think the IPO was a success based on your analysis? What economic and market factors potentially influenced the results of the IPO?

  Explain time value of money related to client investment

Explain the of time value of money related to your client's investments by describing the concepts of PV, FV, and annuities to demonstrate the benefits.

  Show entries in general journal form

The budget was recorded. It is given for Estimated Revenues for the year in the amount of $325,000, and for Appropriations in the amount of $325,000. A temporary loan of $325,000 was gets from the General Fund.

  Determine the total amount received from penkas company

Given the following transactions engaged in by Stanford Company, prepare journal entries and, assuming the periodic inventory system, determine the total amount received from Penkas Company.

  How many units of product crimp would need to be sold

Chester has negotiated a new labor, How many units of product Crimp would need to be sold next round to break even on the product?

  Different proposals to constrain prescription drug costs

What are the arguments for and against the different proposals to constrain prescription drug costs and Are there measures that the government could take to encourage companies to conduct research and development and still control the costs of phar..

  Explain expansion decisions vs replacement decisions

Explain the difference between expansion decisions and replacement decisions, and explain why capital budgeting projects can be viewed

  Prepare a cash budget for december and january

What would the company's loan requirements be at the end of December in this case? (Hint: The calculations required to answer this part are minimal.)

  Prepare an amortization schedule for the four-year term

American Food Services, Inc., acquired a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2016. Prepare the journal entry for American Food Services’ purchase of the machine o..

  Information about the budget for the year

Fenzel Slide Oil produces a lubricant, SlickTone, which is used on trombone slides. Information about the budget for the year 2015 is as follows: The company expects to sell 7,000 bottles of SlickTone in the first quarter, 6,300 in the second quarter..

  Use to gain confidence in their valuation

Product warranties are an interesting liability on a client’s books. When a car company issues a recall for a defective part, management can easily determine the number of units sold and to whom, as well as estimate the parts and labor necessary. Wou..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd