The required entries are as follows:
Dr. Cost of goods sold $770
Cr. Inventory $770
Dr. Accounts receivable $1,260
Cr. Sales revenue $1,260
What entries are required for sale of merchandise?
When merchandise is sold, the company's inventory reduces and cost of goods sold increases ,hence, the appropriate entries are to debit cost of goods sold in the income statement and credit the inventory account in the balance sheet.
Also, to account for sale on account, which means credit sales, the revenue account is credited with the sales value whereas the account receivables which represents claim from the customer is debited, this would happen for every transaction because the inventory system is perpetual.
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The globalization of business sectors alludes to the converging of truly unmistakable and isolate national markets into one immense worldwide commercial center. Falling hindrances to cross-outskirt exchange have made it less demanding to offer universally. It has been contended for quite a while that the tastes and inclinations of purchasers in various countries are starting to focalize on some worldwide standard, along these lines making a worldwide market.
Answer:
b. central tendency error
Explanation:
Central tendency error is the error in which the rater propensity could place the most items on the middle side of the rating scale. In this the employer puts the employees based on the performance i.e it varies from 4 to 7, 8 to 10, 1 to 3, etc
Therefore in the given situation, when the rate of assessors determined the rate for all workers as an average so the central tendency occurs
Hence, the correct option is b.
