The following entry was made in the accounting records: debit cost of goods sold 7,000 credit inventory

Fantastic news! We've Found the answer you've been seeking!

Question:

The following entry was made in the accounting records:

debit cost of goods sold 7,000

credit inventory 7,000

This entry is needed when a company records the

a. cost of merchandise returned by a customer

b. net effect of a sales transaction

c. cost of merchandise sold

d. sales price of merchandise sold

Related Book For answer-question

Fundamentals of Financial Accounting

ISBN: 978-0078025914

5th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

See More Books

Posted Date: Jan 14, 2021 02:53 PM

See More Questions

Wolsey Industries Inc. Estimated Income Statement 1. For the Year Ended December 31, 20Y3 Sales #REF! Cost of goods sold: #REF! #REF! Direct materials Direct labor Factory overhead #REF! #REF! #REF!...
Inventory turnover is calculated as cost of goods sold divided by ending inventory . 1. True 2. False
The following errors were made in the accounting records of Gagnon Corp. in 2013 and were not discovered until 2014. a. Management revenue of $3,750 earned in 2013 was not recorded until it was...
How can the knowledge that a market will work itself back into equilibrium help economist predict future prices?
What information must you provide when placing an order to buy or sell stock? What is a ticker symbol, and why is it important?
Figure 2.125 shows a uniform rigid bar of mass $m$ and length $l$, pivoted at one end (point $O$ ) and carrying a circular disk of mass $M$ and mass moment of inertia $J$ (about its...
Richmond Sporting Goods uses the LIFO inventory method and values its inven tory using the lower-of-cost-or-market (LCM) rule. Richmond Sporting Goods has the following account balances at May...
On July 27, 20X0, Arthur Ward, CPA, issued an unqualified audit report on the financial statements of Dexter Company for the year ended June 30, 20X0. Two weeks later, Dexter Company mailed annual...
The Supply Chain Game is an online supply network simulator. Students compete against each other in two assignments lasting a week each. To meet different demand patterns in five regions, student...
Apu, Barney, Clancy, Homer, and Seymour (none of whom are related to one another), working together, form the Be Sharps Corporation ("Sharps") on January 1, 20x1. The corporation only issues voting,...
select a companythat interests t( eg cars, pharmaceutical, sports, video, technology, clothing, food, etc) and answer questions below: 1. Name of company -product / service description 2. Name of CFO...
Besides possibly paying the premiums for a medical insurance plan, the insured is almost always responsible for making other, out-of-pocket payments. This practice helps keep overall costs down for...
How do ethical leaders navigate ethical gray areas and conflicting stakeholder interests while upholding ethical standards and ensuring the long-term sustainability and reputation of the organization...
Can you elaborate on the role of ethical leaders in promoting social responsibility and sustainability initiatives within organizations, and how do they balance the pursuit of profit with broader...
Van Duzer explains that one of the consequences of the Fall on the nature of work is that people are working harder at a faster pace, not being able to take a pause, under the influence of increasing...
1. What is tension? 2. What does tension do to materials? 3. What is compression? 4. What does compression do to materials?
Jennifer is on a trip and travels a distance of 150 miles. She spends some of her time walking, and some of her time travelling by train. If she spends W hours walking and T hours travelling by...
Linda Lopez opened a beauty studio, Lindas Salon, on January 2, 2011. The salon also sells beauty supplies. In January 2012, Lopez realized she had never filed any tax reports for her business and...
Harristown Hockey Club (HHC) maintains a petty cash fund for minor club expenditures. The petty cash custodian, Wayne Crosby, describes the events that occurred during the last two months: a. I...
Activision Blizzard, Inc., reported the following in the notes to its financial statements. Stock Split In July, the Board of Directors approved a two-for-one split of our outstanding common shares...
Access the Wiki Art Gallery (WAG) instructional case in Connect and read the case in sufficient depth to answer the following questions. 1. What method for depreciation does WAG use and is this...
What is a CPA's reporting responsibility when associated with unaudited financial statements of a public company?
What levels of service may a CPA provide on pro forma financial information?
Statements on Standards for Accounting and Review Services (SSARS) require an accountant to report when the accountant has a. Typed client-prepared financial statements, without modification, as an...

The following entry was made in the accounting records: debit cost of goods sold 7,000 credit inventory

Question:

Expert Answer:

Q The accounting records Q The rollowing cnty was mode in the debit cost of gods sold 000 Ce... View the full answer

Fundamentals of Financial Accounting

Students also viewed these accounting questions