Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 30, 2024

You discover that a sale of a product was made on account and recorded in December for $148,500; the product has not yet been shipped

You discover that a sale of a product was made on account and recorded in December for $148,500; the product has not yet been shipped (i.e. delivered to the customer). The cost of the product was 55% of its selling price.CMC uses the perpetual inventory method.

What is the adjusting Journal Entry for this? Would you create two entries? One for the Sales Revenue and the other for inventory to adjust them both?

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 And Managerial Accounting The Basis For Business Decisions

Financial And Managerial Accounting The Basis For Business Decisions

Authors: Jan Williams, Sue Haka, Mark S Bettner

13th Edition

0072942827, 978-0072942828

More Books

Students also viewed these Accounting questions

Question

★★★★★

The following model was fitted to a sample of 25 students using data obtained at the end of their freshman year in college. The aim was to explain students weight gains: y = 0 + 1x1 + 2x2 + 3x3 + ...

Answered: 1 week ago

Question

★★★★★

Assuming that you are currently in school and that you plan to begin a new job when you have completed your studies, at what point will you begin looking for a job? Explain why. How will you find out...

Answered: 1 week ago

Question

★★★★★

Contrast compensation and overcompensation in Adlers theory.

Answered: 1 week ago

Question

★★★★★

Thorpe Company produces wireless phones. One model is the miniphone'a basic model that is very small and slim. The miniphone fits into a shirt pocket. Another model, the netphone, has a larger...

Answered: 1 week ago

Question

★★★★★

Dees Toys has a target debt-equity ratio of .55. Its WACC is 12.4 percent and the tax rate is 34 percent. What is the cost of equity if the aftertax cost of debt is 5.5 percent? A. 15.75 percent B....

Answered: 1 week ago

Question

★★★★★

Silver Company makes a product with peak sales in May of each year. Its sales budget for the second quarter is given below: \ table [ [ 6 9 2 , April,May,June,Total ] , [ Budgeted sales ( all on...

Answered: 1 week ago

Question

★★★★★

hello, read the case and answer the following question from the case. pleaee I need help to get answers not short answers please. Not too short not too long Facts of the Case: Supercleen Limited, a...

Answered: 1 week ago

Question

★★★★★

1. Identify the issue or issues being discussed in the video. 2. state the definition 3. Examine how the issue promoted in the video compares and contrasts with your understanding of the learning...

Answered: 1 week ago

Question

★★★★★

KPMG fined 3m for 'serious failings' in Conviviality audit KPMG has been fined 3m for failures during its audit of the Bargain Booze owner Conviviality and severely reprimanded in the latest blow to...

Answered: 1 week ago

Question

★★★★★

2 Y I ... and you're eager to begin swinging it around various axes, but you're not sure how big a motor you'll need to get the swinging performance you desire. The object has uniform density p, and...

Answered: 1 week ago

Question

★★★★★

recommendation for companies to utilize zoom app with its best quality

Answered: 1 week ago

Question

★★★★★

2. The book encourages readers to pay attention to what is happening around them, anticipate change, and look at the opportunities that exist outside their comfort zones. How does this reflect on...

Answered: 1 week ago

Question

★★★★★

3. Jeffrey T. Polzer has stated that sharing self-assessments and appraisals of one another through 360-degree feedback can help team members achieve interpersonal congruence. Do you agree with his...

Answered: 1 week ago

Question

★★★★★

1. Recall the last time you were angry at another person or were a victim of a situation that made you angry. For example, someone you trusted divulged some personal information about your family...

Answered: 1 week ago

Previous Question Next Question