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Gennadij [26K]
3 years ago
11

Journalize the sales transactions. Explanations are not required. ​(Record debits​ first, then credits. Exclude explanations fro

m journal​ entries.) Jul. 1​: Salem sold $ 20 comma 000 of​ men's sportswear for cash. Cost of goods sold is $ 10 comma 000. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step.
Business
1 answer:
photoshop1234 [79]3 years ago
7 0

Answer:

cash        20,000 debit

    sales revenue      20,000 credit

COGS        10,000 debit

    inventory          10,000 credit

Explanation:

The sale is a revenue thus credited.

We recieve cash which is an asset. When asset increase we debit.

Then, we must recognize the expense associate with this sale. Also, this decreases our invnetory, we have less assets o we credit inventory account.

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Give the full meaning of NERSA as well as the name of current chairperson of the organisation
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3 years ago
A supervisory body, a source of public good, and a body responsible for reallocating income are examples of _____.
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roles of government

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3 years ago
When the expected inflation rate increases, the real cost of borrowing ________ and bond supply ________, everything else held c
Dafna1 [17]

Answer:

The answer is: C) decreases ; increases

Explanation:

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Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of b
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Answer:

$14,837

Explanation:

Calculation for what The adjusted cash balance should be

Bank balance$14,237

Add Deposit in transit$4,500

Less Outstanding checks ($3,900)

Adjusted bank balance$14,837

($14,237+$4,500-$3,900)

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Less Bank service fees ($50)

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($13,162-$50+$1,725)

Therefore The adjusted cash balance should be:

$14,837

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3 years ago
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