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Author Question: In recording the cost of merchandise sold for cash, based on data available from perpetual inventory ... (Read 64 times)

cagreen833

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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


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stano32

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Reply #1 on: Jul 5, 2018
Answer to Question 1

b

Answer to Question 2

B


cagreen833

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Reply 2 on: Jul 5, 2018
:D TYSM

helenmarkerine

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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