FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

X Company sells $100 worth of inventory on March 3rd at a sales price of $120. X's journal entry on March 3rd will include: 1.

image text in transcribed

X Company sells $100 worth of inventory on March 3rd at a sales price of $120. X's journal entry on March 3rd will include: 1. Debit to COGS for $120 2. Credit to Sales Revenue for $120. 3. Debit to Inventory for $120. 4. Credit to Accounts Receivable for $120. 0 1 2 2 3 0 04

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

Financial Accounting

Authors: Jill Collis

1st Edition

1137335882, 978-1137335883

More Books

Students also viewed these Accounting questions

Question

★★★★★
1 / 1 2 + 1 / 2 3 + ... + 1 / n(n + 1) = n / n + 1 Prove the given statement by induction for all n 1.

Answered: 1 week ago

Question

★★★★★
Based on your own experience how far do YOU agree with Yukls team building procedures? Detail changes you would make to this list of procedures.

Answered: 1 week ago

Question

★★★★★
=+31. Gallup poll. The Gallup organization periodically asks the following question: If your party nominated a generally well-qualified person for president who happened to be a woman, would you vote...

Answered: 1 week ago

Question

★★★★★
A rod of diameter D = 25 mm and thermal conductivity k = 60 W/m. K protrudes normally from a furnace wall that is at Tw = 200C and is covered by insulation of thickness L ins = 200 mm. The rod is...

Answered: 1 week ago

Question

★★★★★
If sales are $500,000, variable costs are $300,000 and fixed costs are $240,000, what is the contribution margin ratio? (2 pts) 40% 48% 52% 60%

Answered: 1 week ago

Question

★★★★★
Job Order Costing Completing this activity will help you learn to: Determine amounts in a job order cost accounting system for a manufacturing business. Extract information from a data set using...

Answered: 1 week ago

Question

★★★★★
PrimeTime Sportswear is a custom imprinter that began operations six months ago. Sales have exceeded management's most optimistic projections. Sales are made on account and collected as follows: 49%...

Answered: 1 week ago

Question

★★★★★
The marketing department of a company has established that when the price of coffee is $6000 per ton, they sell 2 tons of coffee, and when the price is $4500 per ton, they sell 3 tons of coffee. a ....

Answered: 1 week ago

Question

★★★★★
A bent plate has a force P =145 N in direction BC applied to it. Determine the moment generated by force P acting at point B about line AD. 0.4 m A Z B P O E C D 0.3 m 0.35 m

Answered: 1 week ago

Question

★★★★★
Sandra is an ambitious producer with the Kramer Group. She is currently working with the Hopper Company, a small manufacturer who wants to explore other insurers but needs help assessing exactly what...

Answered: 1 week ago

Question

★★★★★
Darim Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for June: a. All materials are...

Answered: 1 week ago

Question

★★★★★
1 Which day of Week 8 at 11:59 p.m. MT does each session instruction end, according to the academic calendar in the catalog? Group of answer choices Sunday Monday Friday Saturday Question 2 Rereading...

Answered: 1 week ago

Question

★★★★★
=+12. Think about the specific publication(s) or location where the ad or poster will appear. Does anything need to be tweaked for a better fit? For example, the sexy Axe deodorant ads can be even...

Answered: 1 week ago

Question

★★★★★
=+e. Storytelling present product in a story.

Answered: 1 week ago

Question

★★★★★
=+What makes a headline practically jump off the page and strike up a conversation?

Answered: 1 week ago

Previous Question Next Question