Refer to the information above if washington uses a

Assignment Help Accounting Basics

Reference no: EM13572090

1.This year, the store has begun to carry the Flat TV manufactured by Bass Co. Thus far, Washington has recorded the following transactions involving the Flat TV:Jan. 5 Purchased 8 Flat TVs at a unit cost of $1,400Jan. 18 Purchased 5 additional Flat TVs at $1,400 eachFeb. 12 Sold 9 Flat TVs to the Duke Hotel for $15,300Refer to the information above. The gross profit on the Flat TVs as of February 12th is:

A) $15,300.

B) $11,200.

C) $2,700.

D) $4,100.

2.Refer to the information above. If Washington uses a perpetual inventory system, the journal entry to record the sale on February 12th would include all of the following except:

A) A credit to Inventory for $15,300.

B) A credit to Sales Revenue for $18,200.

C) A credit to Purchases for $15,300.

D) A debit to the Cost of Goods Sold for $15,300.

Reference no: EM13572090

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