1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
il63 [147K]
3 years ago
9

X-Mart uses the perpetual inventory system to account for its merchandise. On June 1, it sold $7,000 of merchandise for cash. Th

e original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the cost of the sale by selecting all of the correct actions below. (Check all that apply.) Credit Cost of Goods Sold $500. Debit Merchandise Inventory $500. Debit Cost of Goods Sold $500. Credit Merchandise Inventory $500.
Business
2 answers:
nataly862011 [7]3 years ago
5 0

Answer:

Debit Cost of Goods Sold $500

Explanation:

When inventory is purchased, debit inventory and credit cash or accounts payable. When inventory is sold, credit inventory (with the cost of inventory sold) and debit cost of goods sold(p/l).

Further more, sales is recognized by crediting sales account and debiting cash or accounts receivables.

As such, if original cost of the merchandise to X-Mart was $500, entries required would include a credit to merchandise inventory $500 and Debit Cost of Goods Sold $500.

Eddi Din [679]3 years ago
4 0

Answer:

Credit merchandise inventory $500

Debit the costs of goods sold $500

Explanation:

That's what the answer key says

You might be interested in
For 2012 Fielder Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 12,000. There wer
jonny [76]

Answer:

$2.50

Explanation:

The Earnings Per Share of a company is determined by using the formula:

EPS= (Net Income of the Company - Dividend to Preferred Shareholders) ÷ Average Outstanding Shares of the Company

Since there is no dividend to preferred shareholders

EPS= Net Income of the Company - ÷ Average Outstanding Shares of the Company

=30000 ÷ 12000

=$2.50

5 0
3 years ago
Which of the following is likely to happen if the Fed buys Treasury securities from banks?a. interest rate rises; investment fal
gayaneshka [121]

Answer: c. interest rate falls; investment rises

Explanation:

The Fed buying treasury securities from banks is an expansionary policy when the government wants to increase the money in circulation and increase economic growth.

When the Fed buys Treasury securities from banks, this will lead to availability of funds as prices will be pushed higher and there will be a reduction in the interest rate.

Since there is reduction in interest rate, investment will increase as investors will borrow from banks.

5 0
3 years ago
To ensure that a lead is actually a prospect, the salesperson must _________________ the lead. Group of answer choices Qualify Q
Nezavi [6.7K]

Answer:

be sure

Explanation:

6 0
3 years ago
The money left over after all of the business costs are subtracted is called the __________.
Ulleksa [173]

the awnser is B.Net profit

6 0
3 years ago
Your boss asks you to email a spreadsheet that shows what the company owns and what it has borrowed (owes) at a fixed point in t
mariarad [96]

Answer:

The balance sheet represents the total assets of the company and how they are funded, whether through equity or by debts.

Explanation:

Balanced sheet

A balance sheet is an annual report of finance that accounts at a particular time on the funds, debts or on equity of any corporation and lays the foundation of calculations for calculating return rates and determining its financial performance of the company.

The balance sheet represents the total assets of the company and how they are funded, whether through equity or by debts.

3 0
3 years ago
Read 2 more answers
Other questions:
  • ____ focuses on specifying what the new system will look like and how it will work.
    12·1 answer
  • What are the period and vertical shift of the cosecant function below? period: ; vertical shift: 1 unit up period: ; vertical sh
    15·2 answers
  • The facts that a proprietorship, as a business, pays no corporate income tax, and that it is easily to raise capital, are two ke
    15·1 answer
  • A company with a completely fixed cost structure will have operating leverage of 1.a. Trueb. False
    6·1 answer
  • Sam has recently found out that prices from his manufacturer will be increasing the variable cost by $40 when it used to only be
    13·1 answer
  • (1) A(n) _____ is a group of people or organizations for which an organization designs, implements, and maintains a marketing mi
    11·1 answer
  • Which of the following statements about taxation is TRUE?
    12·1 answer
  • You're 35 years old now, and you want to purchase life insurance which will cover your spouse for your lost income in the event
    13·1 answer
  • Alfred has set up a company. On day 1 he bought inventory, paying 6,000.0 on credit, due for payment on day 10. On day 2 he make
    8·1 answer
  • The measure of systematic risk is called ________.
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!