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Fiesta28 [93]
3 years ago
6

On May 1, Shilling Company sold merchandise in the amount of $5,800 to Anders, with credit terms of 2/10, n/30. The cost of the

items sold is $4,000. Shilling uses the perpetual inventory system and the gross method. The journal entry or entries that Shilling will make on May 1 is:a. Sales 5,800 Accounts receivable 5,800 b. Merchandise Inventory 5,800 Accounts payable 5,800 c. Accounts payable 5,800 Sales 5,800 d. Merchandise Inventory 5,800 Cash 5,800
Business
1 answer:
Arada [10]3 years ago
5 0

Answer:

The correct answer is:

Debit: Account receivable $5,800

Credit: Sales revenue $5,800

Debit: Cost of goods sold $4,000

Credit: Merchandise inventory $4,000

Explanation:

On 1st May

Upon sale of inventory on credit

Debit: Account receivable $5,800

Credit: Sales revenue $5,800

On 1st May

To record cost of goods sold of merchandise inventory:

Debit: Cost of goods sold $4,000

Credit: Merchandise inventory $4,000

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1 year ago
On January 1, 2018, Lowell Corp. acquired 80% of the voting common stock of Boston Inc. During the year, Lowell sold to Boston f
Hitman42 [59]

Answer:

$40,800

Explanation:

The computation of  the net income is shown below:-

With regard to non-controlling interest, Lowell Corp. and the non-controlling interest divided Boston net profits proportionately to their ownership interests.

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= $204,000 × (100% - 80%)

= $204,000 × 20%

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2 years ago
If you have a questioned item on your travel account bill, with whom do you first try to resolve it?
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2 years ago
Mary wants to split the refund between her savings and checking accounts. How is this accomplished, if possible
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2 years ago
An economist is interested in studying the incomes of employees in a particular Silicon Valley firm. The population standard dev
Komok [63]

Answer:

Option C) 1537

Explanation:

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Population standard deviation = $5000

95% confidence interval width = $500

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Thus, the correct answer is

Option C) 1537

5 0
3 years ago
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