Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

if you are using the perpetual inventory system and you sell, on account, goods for 100,000 which cost you $70,000, the journal entries for this

if you are using the perpetual inventory system and you sell, on account, goods for 100,000 which cost you $70,000, the journal entries for this transaction would not include

a. a credit to sales for 100,000

b a credit to gain on sale for $30,000

c. a debit to A/R for $100,000

d. a debit to cost of goods sold for $70,000

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

Financial Accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

7th Edition

978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018

More Books

Students also viewed these Accounting questions

Question

3. Explain the rationale for collaborating in healthcare

Answered: 1 week ago

Question

Discuss all branches of science

Answered: 1 week ago