Wildlife Wholesale Supply sold birdseed to a retailer for $2,060, receiving cash at the time of...

    

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Wildlife Wholesale Supply sold birdseed to a retailer for $2,060, receiving cash at the time of sale. The cost of the birdseed was $1,570. When recording the collection from the customer, in its cash receipts journal, Wildlife would enter Multiple Choice O $2,060 in the Cash Dr. column and $2,060 in the Accounts Receivable Cr. column. $1.570 in the Cash Dr. column and $1,570 in the Accounts Receivable Cr. column. $2,060 in the Cash Dr. column; $2,060 in the Sales Cr. column; and $1,570 in the Other Accounts Cr. column $2,060 in the Accounts Receivable Dr. column, $2,060 in the Cash Cr. column; and $1,570 in the Cost of Goods Sold Dr./Inventory Cr. column. $2,060 in the Cash Dr. column: $2.060 in the Sales Cr. column; and $1,570 in the Cost of Goods Sold Dr./Inventory Cr. column. Farthington Soccer Supplies purchases merchandise from a supplier on credit, terms 1/10, n/30 for $17,000. Assume the company uses a perpetual inventory system, and records purchases using the gross method. When recording the purchase transaction in its purchases journal, Farthington would enter: Multiple Choice O $17.000 in the Accounts Payable Cr. column and $17,000 in the Inventory Dr. column. $17,000 in the Accounts Payable Cr. column and $17,000 in the Supplies Dr. column. O $17,000 in the Inventory Dr. column, $16,830 in the Accounts Payable Cr. column, and $170 in the Purchase Discount Cr. column $16.830 in the Inventory Dr. column and $16,830 in the Accounts Payable Cr. column. $17,000 in the Other Accounts Dr. column and $17,000 in the Inventory Cr. column. Wildlife Wholesale Supply sold birdseed to a retailer for $2,060, receiving cash at the time of sale. The cost of the birdseed was $1,570. When recording the collection from the customer, in its cash receipts journal, Wildlife would enter Multiple Choice O $2,060 in the Cash Dr. column and $2,060 in the Accounts Receivable Cr. column. $1.570 in the Cash Dr. column and $1,570 in the Accounts Receivable Cr. column. $2,060 in the Cash Dr. column; $2,060 in the Sales Cr. column; and $1,570 in the Other Accounts Cr. column $2,060 in the Accounts Receivable Dr. column, $2,060 in the Cash Cr. column; and $1,570 in the Cost of Goods Sold Dr./Inventory Cr. column. $2,060 in the Cash Dr. column: $2.060 in the Sales Cr. column; and $1,570 in the Cost of Goods Sold Dr./Inventory Cr. column. Farthington Soccer Supplies purchases merchandise from a supplier on credit, terms 1/10, n/30 for $17,000. Assume the company uses a perpetual inventory system, and records purchases using the gross method. When recording the purchase transaction in its purchases journal, Farthington would enter: Multiple Choice O $17.000 in the Accounts Payable Cr. column and $17,000 in the Inventory Dr. column. $17,000 in the Accounts Payable Cr. column and $17,000 in the Supplies Dr. column. O $17,000 in the Inventory Dr. column, $16,830 in the Accounts Payable Cr. column, and $170 in the Purchase Discount Cr. column $16.830 in the Inventory Dr. column and $16,830 in the Accounts Payable Cr. column. $17,000 in the Other Accounts Dr. column and $17,000 in the Inventory Cr. column.

Answer rating: 100% (QA)

1 OPTION 2060 in the Cash Dr column 2060 in the Sales Cr column and 51570 in the Cost of Goods So... View the full answer