The statement of changes in shareholders' equity ________. A) ...

[deesands]

The statement of changes in shareholders' equity ________.
 
  A) describes the financial situation of a company at a specific point in time
  B) is a summary of all of the revenues minus all of the expenses for an accounting period
  C) shows the changes that took place in the amount of shareholders' equity during a period
  D) is a list of all the cash collected and cash paid during a period

Question 2

Cumberland Co sells 2,000 of inventory to Hancock Co for cash. Cumberland paid 1,250 for the merchandise. Under a perpetual inventory system, which of the following journal entry (ies) would be recorded?
 a. debit Cash, 2,000; credit Merchandise Inventory, 1,250
  b. debit Cash, 2,000; credit Sales, 2,000; and debit Cost of Merchandise Sold, 1,250; credit Merchandise Inventory, 1,250
  c. debit Cash, 1,250; credit Sales, 1,250
  d. debit Accounts Receivable, 2,000; credit Sales, 2,000; and debit Cost of Merchandise Sold, 1,250; credit Merchandise Inventory, 1,250

[Ksanderson1296]

Answer to Question 1

C

Answer to Question 2

b

[deesands]

YES! Correct, THANKS for helping me on my review

[robbielu01]

Thanks for the timely response, appreciate it