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
Answer and Explanation:
The Journal entry is shown below:-
1. Sales revenue Dr, $226,700
To Income revenue $226,700
(Being close accounts with credit income balances is recorded)
2. Income revenue Dr, $134,010
To Sales discount $4,410
To Cost of goods sold $129,600
(Being close accounts with debit expenses account is recorded)
Answer and Explanation:
1. Margie Johnson would be ethically wrong if she grants the boss's favour to not report inventory shrinkage. Also financial statements would not show a true and fair view if she decides to follow what her boss is asking. She should report true inventory value in financial statements.
2. Yes Ryan is being professional since he is out to improve company's sales and income even though he may be putting pressure on employees to work overtime
Answer:
$59,900
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Explanation:
<u>Cash flow from Financing activities</u>
Particulars Amount
Cash paid for treasury stock $20,400
Cash dividends <u>$39,500</u>
Net cash used by financing activities <u>$59,900</u>
Answer:
gathering and examining p... info....
