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makkiz [27]
3 years ago
14

On June​ 30, Coral, Inc. finished Job 750 with total job costs of $ 4 comma 500​, and transferred the costs to Finished Goods In

ventory. On July​ 6, Coral sold goods to a customer for $ 5 comma 500 cash. Which of the following is the correct journal entry to record the cost of goods​ sold? Assume the perpetual inventory system is used. A. debit Finished Goods Inventory $ 4 comma 500 and credit Cost of Goods Sold $ 4 comma 500 B. debit Cost of Goods Sold $ 4 comma 500 and credit Finished Goods Inventory $ 4 comma 500 C. debit Cost of Goods Sold $ 4 comma 500 and credit WorkminusinminusProcess Inventory $ 4 comma 500 D. debit WorkminusinminusProcess Inventory $ 4 comma 500 and credit Cost of Goods Sold $ 4 comma 500
Business
1 answer:
kherson [118]3 years ago
4 0

Answer:

B. debit Cost of Goods Sold $ 4,500 and credit Finished Goods Inventory $ 4,500

Explanation:

The cost of goods sold will be 4,500 cost of the job 750

We are going to debit the cost of good sold for the amount it cost to make job 750

and credit the finished goods inventory as the amount of goods available for sale decreases.

When we sale we deliver an asset of ours (finished goods) thus, we have to make it decrease.

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What report lists each vendor, the balance due to each vendor, and the total amount due to each vendors?
Lena [83]

Answer: D. schedule of accounts payable

Explanation: The schedule of accounts payable is a list of all vendors which includes their names, amount payable and due date.

It is also a schedule detailed from the account payable ledger.

6 0
3 years ago
The best way to ensure the accuracy and safety of your accounts is to:
Elden [556K]
The best way to ensure the accuracy and safety of your accounts is to : monitor your online accounts regularly
You can never now if somehow your connection is monitored and compromised. Checking your accounts regularly will help you to be prepared for unexpected occurrences

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7 0
3 years ago
In which of the following situations would it be important for a successful, existing
Tamiku [17]
The business plan is the blueprint for your business. If you wanted to build a house, you wouldn't walk over to an empty lot and just start nailing boards together. Starting a business without a business plan is just as risky.

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7 0
3 years ago
Consider the market for portable air conditioners in equilibrium. a summer of unseasonably cool weather would cause:______
Julli [10]

Consider the market for portable air conditioners in equilibrium. A summer of unseasonably cool weather would cause both the equilibrium price and quantity to decrease. A market-clearing price, often referred to as an equilibrium price, is the consumer cost associated with a good or service when supply and demand are equal or nearly equal.

The manufacturer or vendor is free to transfer as many units as they like, and the consumer is free to access as many units as they like. By setting the supply function to equal the demand function, Qs = Qd, you may determine the equilibrium price.

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4 0
2 years ago
Seamus McIntyre started saving for retirement today by investing $624 in an account earning 4.20%. He plans to continue with mon
ZanzabumX [31]

The present value of his investment is $113501.94.

What is investment?

An investment is a valuable item bought with the intention of increasing one's wealth. While stocks, bonds, and real estate are frequently included when discussing investments.

Present Value of an Annuity Due is equal to C + C*[1-(1+i)^-(n-1)]/i]

C = Periodic Cash Flow ($624)

i = interest rate per period =4.2%/12 =0.35%

n=number of period=24×12 =288

= $624+624[1-(1+0.0035)^-(288-1) /0.0035]

= $624+624[1-(1.0035)^-287 /0.0035]

= $624+624[(0.6331)] /0.0035

= $113501.94

As a result, $113501.94 is the correct answer.

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3 0
2 years ago
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