b. Instead, we use Purchases and the contra accounts related to Purchases. Purchase Transactions 8. At what value should the land be recorded You may be wondering, Is cost of goods sold a debit or credit? n/30) 11-Apr: Cash . Dorman Co. sold merchandise to Smith Co. on account, $18,000, terms 2/15, net 45. Dr Accounts receivable 25,500 Cr Sales revenue 25,500. Which of the following will be recorded by Global Company in the journal entry for the refund from the cost of the sale? The cost of the merchandise sold was $55,500. 18 Sold merchandise on account to Perniagaan Murni, RM12,000, terms 2/10, n/30, FOB shipping point was RM200. [Q1] The entity sold merchandise at the sale price of $50,000 on account. Firas sold merchandise on account to Fatin, RM15,000, terms FOB shipping point, n/45. a credit to a liability. Sold merchandise subject to a sales tax, accepting cash, this will be recorded with. The cost of the goods sold was $385,000. debit to Accounts Receivable, $34,300; credit to Sales, $34,300 . Additionally, if we use the perpetual inventory system, it will also result in the increase of the cost of goods sold on the income statement as well as the decrease of the asset which is the merchandise inventory on the balance sheet on the same day. The cost of the merchandise purchased but not yet sold is reported in the account Inventory or Merchandise Inventory. The journal entry to record the collection of the account should be: XY/YY, collection of accounts receivable. Which of the following journal entries will be recorded for the sale of merchandise? Paid transportation charges of $200, which were added to the invoice. During 2021, Halifax sold merchandise on account for $12,800,000. 18 Sold merchandise on account to Perniagaan Murni, RM12,000, terms 2/10, n/30, FOB shipping point was RM200. Which of the following journal entries will be recorded for the sale of merchandise? 9. The cost of merchandise sold was RM4,000. True False 16. Returned merchandise for credit on account the perpetual inventory system is in use this will be recorded with. Additionally, if we use the perpetual inventory system, it will also result in the increase of the cost of goods sold on the income statement as well as the decrease of the asset which is the merchandise inventory on the balance sheet on the same day. Which of the following will be recorded by Global Company in the journal entry for the refund from . An example of a subsidiary ledger is the revenue ;edger . Q: Journalize the following merchandise transactions: Sold merchandise on account, $92,500 with terms 1/10, n/30. [Journal Entry] When merchandise is sold, two journal entries are recorded. If an amount box does not require an entry, leave it blank. of merchandise on account from the Ganster Company. Dr Sales discount 510 Cr Accounts receivable 25,500 27 Received payment from Perniagaan Murni for the sale on 18 . The cost of merchandise sold was $600. The cost of goods sold was $600. The sales journal is used to record sales on account (meaning sales on credit or credit sale). the cost of goods sold at current replacement costs. The transaction would be recorded as a debit to cash (asset), credit to liability (sales tax payable), and credit to sales revenue. The Sales Journal. Cash (Debit) 91,575 Accounts Receivable (Credit) 91,575 How to get there: 1/10, n/30: 1% discount if paid within 10 days, net amount due within 30 . It is recorded in the books of accounts by debiting the cash or merchandise account and crediting the sales revenue account. The cost of merchandise sold was $27,600. The cost of goods sold was $1,850. The Geo Company sold merchandise on account for $35,000 with terms 2/10, n/30. In Fatin's journal entry, what should be recorded? May 15 O c. short period. Inventory is merchandise purchased by merchandisers (retailers, wholesalers, distributors) for the purpose of being sold to customers. cost of merchandise sold b. purchases purchases returns and allowances d. net purchases 19. The journal entry to record the sale would include a a. debit to Cash for $5,000 The cost of the goods sold was RM9,000. The cost of the merchandise sold is $735,000. Choose the best answer. A. Debit to Cash, $34,300; credit to Sales, $34,300. Returns Using Periodic Inventory. a credit to a liability. FINACRE SA1 The receipt of cash arising from a sales transaction would be recorded in the cash receipts journal Sold merchandise costing P4,500 for P1,000 cash and P7,000 on open account. Merchandise that has been sold but not yet recorded in the accounts should not be included in the physical inventory at year-end. 9 Paid to Oxxon for the purchase on 1 March less the return and discount. The sold merchandise on account will result in the increase of both total revenues and total assets on the day of selling the merchandise. 745 The cost of the merchandise sold is $38,500. 744; Apr. Also during the year, customers returned $370,000 in sales for credit, with $204,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. None of these are correct. a debit to an owner's equity account. At what value should the land be recorded . Selling on credit always requires a debit to Accounts Receivable and a credit to Sales. Received payment less the discount. Banks Company sold merchandise on account for $35,000 with terms 2/10, n/30. Global Company refunded Montana Industries $900 for returned merchandise. O B. discount period. Sold $8,600 of merchandise on credit (cost of $2,650), with terms 5/10, n/30, and invoice dated May 10. The cost of the merchandise sold is $15,500. Also, since the expense is easily determined (2.5% of sales), that expense can be immediately identified and should be recorded. Accepting cash will be recorded with none of the above. Prepare a journal entry to record this transaction. [Journal Entry] When merchandise is sold, two journal entries are recorded. Dr Sales discount 510 Cr Accounts receivable 25,500 a debit to a liability and a credit to an asset. The journal entry to record the collection of the account should be: XY/YY, collection of accounts receivable. Record the following transactions in the sales journal and sales returns and allowances journal, and post to the ledger accounts. D. Geo Company sold merchandise on account for $35,000 with terms 2/10, n/30. 183. The journal entries to record this transaction should be: XX/YY, merchandise sold on account. (b) On July 8, Kingston Inc. returned merchandise worth $3,800 to Galaxy Co. (c) On July 11, Kingston Inc. paid for the merchandise. Since we are tracking the returns through Sales Returns and Allowances, there is no need to create a contra account for Cost of Goods Sold. None of these is correct. Accounting; Accounting questions and answers; Sold merchandise on account would be recorded using: a debit to an asset account. The amount to record in the Merchandise Inventory account is: The cost of the merchandise sold is $735,000. The cost of the merchandise was $6,000. a credit to a liability account. Firas paid the RM1,000 shipping costs. What is the amount of the gross profit? 9 Paid to Oxxon for the purchase on 1 March less the return and discount. During the current year, merchandise is sold for $250,000 cash and for $975,000 on account. Halifax's merchandise costs it 70% of merchandise selling price. B. Debit to Accounts Receivable, $35,000; credit to Sales, $35,000. Question: Sold merchandise on account would be recorded with: O A. a debit to an asset account. collected from a change customer. What is the amount of the gross profit? b) Sold merchandise on account to Comet Co., $10,000, terms FOB Destination, 1/10, n/30. The cost of the merchandise sold was $3,000. The cost of merchandise sold was $27,600. Introduction to Inventory and Cost of Goods Sold. of goods sold is determined only at the end of an accounting period. 6 Returned RM3,000 of the merchandise purchased on March. a . For a cash purchase, Cash is credited; for a credit purchase, Accounts Payable is credited. The sold merchandise on account will result in the increase of both total revenues and total assets on the day of selling the merchandise. a debit to an owner's equity account. OD. Sara's . OD. Accounting questions and answers. 6 Returned RM3,000 of the merchandise purchased on March. The journal entries to record this transaction should be: XX/YY, merchandise sold on account. c) Paid transportation charges of $400 for delivery of merchandise sold to Comet Co. Hint : answer may be more than one depending on the transactions. May 13: The customer returned $1,250 worth of slightly damaged merchandise to the retailer and received a full refund. Purchases are decreased by credits and inventory is increased by credits. Correct answers: 1 question: Record the following transactions on the books of Galaxy Co. (a) On July 1, Galaxy Co. sold merchandise on account to Kingston Inc. for $17,200, terms 2/10, n/30. Dr Cash 24,990. Because every credit sales transaction is recorded in the same way, recording all of those transactions in one place simplifies the accounting process. A perpetual inventory system is used. O c. a debit to a liability account. 6-1 Example Exercise 6-1 10 Gallatin Repair Service was offered $160,000 for the land by a national retail chain. During the current year, merchandise is sold for $250,000 cash and for $975,000 on account. b. You will credit your Purchases account to record the amount spent on the materials. Returned merchandise for credit on account the perpetual inventory system is in use this will be recorded with. Sold $640,000 of merchandise on account, subject to a sales tax of 7%. Dr Accounts receivable 25,500 Cr Sales revenue 25,500. The freight charge of $130 was paid by Ganster Company and added to the invoice. An example of a subsidiary ledger is the revenue ;edger . Sold merchandise subject to a sales tax, accepting cash, this will be recorded with. 6-1 Example Exercise 6-1 10 Gallatin Repair Service was offered $160,000 for the land by a national retail chain. a credit to a liability account. The cost of merchandise sold was RM4,000. The retailer returned the merchandise to its inventory at a cost of $380. When adding a COGS journal entry, you will debit your COGS Expense account and credit your Purchases and Inventory accounts. a debit to a liability account. True False 17. 2) Under the perpetual inventory system, purchases of merchandise for sale are recorded in the Inventory account. 27 Received payment from Perniagaan Murni for the sale on 18 . Credit Estimated Returns Inventory, $600. This will be recorded with: a credit to an asset account. 29. During periods of inflation, the specific identification cost flow assumption will yield a higher cost of goods sold than LIFO. 05: Sold merchandise on account to Green Brothers $1,780, invoice no. The cost of goods sold was $27,600. The cost of merchandise sold was $30,000. 01: Sold merchandise on account to Al-Habib Co. $875, invoice no. Apr. a . Dorman Co. issued a credit memo for $1,750 for merchandise returned that originally cost $1,400. OB. Sampson Co. sold merchandise to Batson Co. on account, $46,000, terms 2/15, net 45. Merchandise with a sales price of $5,000 is sold on account with terms 2/10, n/30. (L.O. A Sold Merchandise for Cash subject to a sales tax. Under periodic inventory, we do not use the Inventory account to record day-to-day transactions. a debit to a liability and a credit to an asset. Accounting; Accounting questions and answers; Sold merchandise on account would be recorded using: a debit to an asset account. This will be recorded with: a credit to an asset account. The goods were shipped F.O.B. None of these are correct. EX.05-19 eBook Show Me How Sales Tax Transactions Journalize the entries to record the following selected transactions: a. The sales can be debited to cash since the deposit is at the end of the business day. Cost of Sales P 4,500 Inventory P 4,500 Cash P 1,000 Accounts Receivable 7,000 . The length of time the customer is allowed to repay the bill is the: O A. credit period. Dr Cash 24,990. return period. a debit to Capital. The cost of merchandise sold was $30,000. collected from a change customer. Global Company sold merchandise to Montana Industries for cash, $3,450. a debit to a liability account. ANSWER: (D) A. RM500 B. RM6,000 C. RM7,000D. Prepare a journal entry to record this transaction. (To record merchandise sold with terms 2/10. [Q1] The entity sold merchandise at the sale price of $50,000 on account. Year: 2016. shipping point.

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