Question: Please help with these accy questions. tion would typically include debit The journal entry(ies) by Jones for the Jan. 16 transac both A. Accounts Receivables

 Please help with these accy questions. tion would typically include debitThe journal entry(ies) by Jones for the Jan. 16 transac both A.Accounts Receivables and Cost of Goods Sold. B. Sales Discounts and Cost

Please help with these accy questions.

tion would typically include debit The journal entry(ies) by Jones for the Jan. 16 transac both A. Accounts Receivables and Cost of Goods Sold. B. Sales Discounts and Cost of Goods Sold. C. Sales Returns and Allowances and Inventory D. Sales Revenues and Sales Returns and Allowances. E. none of these 10. The journal entry by Jones for the Jan. 23 receipt would include acredit to A. Accounts Receivable for $1,940. B. Accounts Receivable for $2,000. C. Cash for $2,000. D. Cash for $1,940. E. Sales Discounts for $60. Use the following information for the next 3 questions. Jimbo 's buys sp them icy hot dogs in bulk and sells to street vendors. The owner's January inventory transactions are as follows: 1/1 Beginning inventory 2,000 cases at $10/cas 1/8 Sales 1/11 Purchases 1/14 Sales 1/21 Purchases 1/26 Sales 1,700 cases 1,000 cases at S1l/case 1,100 cases 1,200 cases at $12/case 1,100 cases L. Assuming the perpetual FIFO inventory method is used from inception, the amount of Cost of Goods Sold for the 1/14 sale would be A. $11,000. B. $11,800. C. S12,000 D. S12,100 E. none of these 12. Assuming the perpetual LIFO inventory method is used from inception, the amount of Cost of Goods Sold for the 1/14 sale would be A. $11,000. B. $11,800. C. $12,100. D. $13,200. E. none of these

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!