Answer:
Cost of Goods Sold Dr.
To Supplies Expense
Explanation:
The journal entry for cost of goods sold should've been:
Cost of goods sold A/C Dr.
To Purchases A/C
(Being cost of goods sold expense recorded)
The wrong entry passed has been:
Supplies expenses A/C Dr.
To Purchases A/C
The rectifying (correcting) journal entry should be:
Cost of Goods Sold A/c Dr.
To Supplies Expenses A/C
(Being rectification entry for cost of goods sold recorded)
Cost of goods sold is an expense and expenses should be debited.
At the same time, purchase being a nominal account, crediting it would reduce the purchases balance.
Supplies expense was wrongly debited so it has been credited to cancel out the effect.
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Answer: See explanation
Explanation:
Rhe journal entry will be recorded as:
a. March 2:
Debit: Accounts Receivable = 928800
Credit: Sales = 928800
Debit: Cost of Goods Sold = 511500
Credit: Merchandise Inventory = 511500
b. March 6:
Debit: Sales Returns and Allowances = 108400
Credit: Accounts Receivable = 108400
Debit: Merchandise Inventory = 60800
Credit: Cost of Goods Sold = 60800
c. March 12:
Debit: Cash = 803992
Debit: Sales discount = 820400 × 2% = 16408
Credit: Account receivable = 820400
Answer:
Positioning: The final step is to position your product in a way that will appeal to the needs of your target audience and encourage them to buy your product.
