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Temka [501]
3 years ago
14

A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9, 20

18, for $54,000 and then sells this inventory on account on March 7, 2018, for $74,000. Record the transactions for the purchase and sale of the inventory.
Business
1 answer:
poizon [28]3 years ago
6 0

Answer:

The transaction recorded are shown in the below table.

Explanation:

According to the scenario, the following transaction according to the perpetual system can be recorded as follows :

Date                        Particulars                    Debit                    Credit

Feb.9                   Purchase Inventory              $54,000

                            Accounts payable                                            $54,000

Mar.7                   Accounts Receivable            $74,000

                            Sales inventory                                                    $74,000

Mar.7                    Cost of goods sold                    $54,000

                            Inventory                                                              $54,000

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olganol [36]

Answer:

The correct answer is letter "A": sociocultural factors.

Explanation:

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5 0
2 years ago
The authorized service center is located in Boston. Because Cookie Creations values serving its customers, it pays the shipping
Alex777 [14]

Answer:

$180

Explanation:

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Using this formula

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7 0
2 years ago
Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption, or (c) constraint.
german

Answer and Explanation:

The identification of the following terms as an accounting principle, assumption or constraint is

1 Business entity    = Assumption

2. Measurement  = Principle

3 Cost-benefit   = Constraint

4 Revenue recognition  = Principle

In this way the identification of the accounting terms would be done

The same is relevant too

7 0
2 years ago
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katrin2010 [14]

Answer:

4 minutes.

Explanation:

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which comes out to be 1 gallons per 3 seconds.

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Thus it would take 4 minutes to fill up the 80 gallon tub.

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One assumption that distinguishes short-run cost analysis from long-run cost analysis for a profit-maximizing firm is that in th
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A. The size of the factory is fixed.

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3 years ago
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