This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: In recording the cost of merchandise sold for cash, based on data available from perpetual inventory ... (Read 77 times)

cagreen833

  • Hero Member
  • *****
  • Posts: 544
on: Jul 5, 2018
In recording the cost of merchandise sold for cash, based on data available from perpetual inventory records, the journal entry is
 a. debit Cost of Merchandise Sold; credit Sales
  b. debit Cost of Merchandise Sold; credit Merchandise Inventory
  c. debit Merchandise Inventory; credit Cost of Merchandise Sold
  d. debit Accounts Receivable; credit Merchandise Inventory

Question 2

On May 31, Team Shirts pays a 600 dividend to its shareholders. The dividend ________.
 
  A) increases assets by 600
  B) reduces retained earnings by 600
  C) is classified as dividend expense of 600
  D) increases net income by 600


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

stano32

  • Sr. Member
  • ****
  • Posts: 339
Reply #1 on: Jul 5, 2018
Answer to Question 1

b

Answer to Question 2

B


cagreen833

  • Member
  • Posts: 544
Reply 2 on: Jul 5, 2018
Thanks for the timely response, appreciate it

LegendaryAnswers

  • Member
  • Posts: 341
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Each year in the United States, there are approximately six million pregnancies. This means that at any one time, about 4% of women in the United States are pregnant.

Did you know?

For high blood pressure (hypertension), a new class of drug, called a vasopeptidase blocker (inhibitor), has been developed. It decreases blood pressure by simultaneously dilating the peripheral arteries and increasing the body's loss of salt.

Did you know?

As of mid-2016, 18.2 million people were receiving advanced retroviral therapy (ART) worldwide. This represents between 43–50% of the 34–39.8 million people living with HIV.

Did you know?

Recent studies have shown that the number of medication errors increases in relation to the number of orders that are verified per pharmacist, per work shift.

Did you know?

All patients with hyperparathyroidism will develop osteoporosis. The parathyroid glands maintain blood calcium within the normal range. All patients with this disease will continue to lose calcium from their bones every day, and there is no way to prevent the development of osteoporosis as a result.

Cultural Variations in the Strange Situation Across cultures, most toddlers exhibit secure attachme Cultural Variations in the Strange Situation Across cultures, most toddlers exhibit secure attachme
Equipment Inventory Record Equipment Inventory Record
Air-Temperature Data Air-Temperature Data
A company that makes cell phones has the following cost structure. They have fixed costs of ... A company that makes cell phones has the following cost structure. They have fixed costs of ...
Type III curve. Mortality is highest early in life. Data for a desert shrub (Cleome droserifolia). Type III curve. Mortality is highest early in life. Data for a desert shrub (Cleome droserifolia).
Satellite data on primary productivity in the equatorial Pacific Ocean Satellite data on primary productivity in the equatorial Pacific Ocean
Video: Optic Nerve and Optic Disk Animation (Part 2 of 2)

For a complete list of videos, visit our video library