Question
Given the following information, compute the amount of cash remitted by the customer on February 21. Feb 14 - Sale on credit, terms of 1/15,
Given the following information, compute the amount of cash remitted by the customer on February 21.
Feb 14 - Sale on credit, terms of 1/15, n/30 - $12,000
Feb 19 - Allowance granted due to some items being damaged - $600
Feb 21 - Payment in full received from customer - ?????
a.$11,286
b.$12,000
c.$11,996
d.$11,400
Goods held on consignment for another company should be included in the inventory of the company holding the merchandise.
True
False
To record the sale of goods for cash in a perpetual inventory system:
| a. | only one journal entry is necessary to record cost of goods sold and reduction of inventory. | |
| b. | two journal entries are necessary: one to record the receipt of cash and sales revenue, and one to record the cost of goods sold and reduction of inventory. | |
| c. | two journal entries are necessary: one to record the receipt of cash and reduction of inventory, and one to record the cost of goods sold and sales revenue. | |
| d. | only one journal entry is necessary to record the receipt of cash and the sales revenue. |
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