Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below

image text in transcribed

Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below for the first quarter ending March 31 of the current year. Sold merchandise with an original cost of $10,077,924 for $17,636,367 during the quarter. Of the total sales, 50% was for cash and the remainder was on account. Select one: O a. Dr. Cash $8,818,184; Dr. Accounts receivable $8,818,184; Cr. Sales revenue $17,636,367 O b. Dr. Cash $17,636,367; Dr. Cost of goods sold $10,077,924; Cr. Sales revenue $17,636,367; Cr. Inventory $10,077,924 O c. Dr. Cash $8,818,184; Dr. Accounts receivable $8,818,184; Cr. Cost of goods sold $10,077,924; Cr. Sales revenue $17,636,367; Dr. Inventory $10,077,924 O d. Dr. Cash $8,818,184; Dr. Accounts receivable $8,818,184; Dr. Cost of goods sold $10,077,924; Cr. Sales revenue $17,636,367; Cr. Inventory $10,077,924 O e. Dr. Sales revenue $17,636,367; Cr. Cash $8,818,184; Cr. Accounts receivable $8,818,184

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

23rd Edition

978-0324662962

More Books

Students also viewed these Accounting questions