On May 1, Shilling Company, Inc. sold merchandise in the amount of $5,800 to Anders, with...
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On May 1, Shilling Company, Inc. sold merchandise in the amount of $5,800 to Anders, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Shilling uses the perpetual inventory system. The journal entry or entries that Shilling will make on May 1 is: A. Sales 5,800 Accounts receivable 5,800 B. Sales Accounts receivable 5,800 4,000 Merchandise Inventory 5,800 5,800 4,000 4,000 Cost of goods sold C. Accounts receivable Sales D. Accounts receivable Sales Cost of goods sold Merchandise inventory E. Accounts receivable Sales 5,800 4,000 5,800 5,800 4,000 4,000 On May 1, Shilling Company, Inc. sold merchandise in the amount of $5,800 to Anders, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Shilling uses the perpetual inventory system. The journal entry or entries that Shilling will make on May 1 is: A. Sales 5,800 Accounts receivable 5,800 B. Sales Accounts receivable 5,800 4,000 Merchandise Inventory 5,800 5,800 4,000 4,000 Cost of goods sold C. Accounts receivable Sales D. Accounts receivable Sales Cost of goods sold Merchandise inventory E. Accounts receivable Sales 5,800 4,000 5,800 5,800 4,000 4,000
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Two journal entries would be posted on May 1 which are as follows Date Accoun... View the full answer
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Posted Date:
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