Answered step by step
Verified Expert Solution
Question
1 Approved Answer
40&41 please 39. Preparing a trial balance: Barnes Company showed the following balances at the end of the reporting period: Cash $7,000 Prepaid insurance Accounts
40&41 please 39. Preparing a trial balance: Barnes Company showed the following balances at the end of the reporting period: Cash $7,000 Prepaid insurance Accounts receivable Accounts payable Notes payable Common stock 700 3,500 2,800 4,200 1,400 Dividends 700 Revenues 21,000 17,500 xpenses What did Barnes Company show as total credits in dollars on its trial balance? A) $30,800 B) $29,400 C) $30,100 D) $28,700 A company sells 150 units to their custo.ner at S10.00 each. If each unit of inventory cost the company S5.00 each, what is the company's gross profit /gross margin based on the sale of those 150 units? 40. A) $10.00 B) $750.00 C) $1,500.00 D) $5.00 Review the following journal entry and provide the most likely explanation of what is happening to require this journal entry to be recorded: 41. Sales Returns and Allowances $500 $500 Accounts Receivable A) The company made a sale to a customer on account. B) The company is unhappy with the inventory purchased and it is returning it to the vendor. C) The company is recording an adjusting journal entry to be sure sales and accounts receivable balances are correct before the financial statements are issued. D) The company is reversing an original customer sale because the customer returned the items they purchased from the company
40&41 please
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started