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miskamm [114]
3 years ago
12

Panther Company's bookkeeper debited supplies expense for the cost of goods sold during that month. The bookkeeper discovered th

e error prior to closing the books. The correcting entry would include
Business
1 answer:
MakcuM [25]3 years ago
7 0

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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Are there any benefits for the law being "Vague and Variable"?
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3 years ago
What is an emotional motive?
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4 0
3 years ago
At the year-end, Encore Company has a product for inventory that was purchased at a cost of $23. The product's expected selling
allsm [11]

Answer:

$21

Explanation:

As we know that

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In the given case

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So by comparing the cost and net realizable value, the net realizable value contains the lower value i.e $21 and the same is recorded on the balance sheet for inventory

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