Cash will be debited and sales will be credited by $6,120 and cost of good sold with be debited and inventory will be credited by $3,540.
A journal entry is the act of maintaining or producing records of any economic or the non-economic transaction. An accounting journal, which shows a company's debit and credit balances, records transactions. The journal entry may have many records, each of which is either a debit or a credit.
The journal entry to record days cash sales would be as given below:
Cash (Dr) $6,120
To sales $6120
(Being cash sales of $6,120)
Cost of good sold (Dr) $3,540
To inventory $3,540.
(Being cost of cost of good sold)
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I don't know why but I feel like your questions are funny at the same time.
Anywayz, the correct answer is option C
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I hope this helps!
Answer:
Warranty liability $2,128
Explanation:
680 phones sold x 5% x $76 per repaired phone = $2,584 total warranty liability
6 phones were repaired during the year x $76 = $456
remaining warranty liability = total estimated liability - money spent repairing phones during the year = $2,584 - $456 = $2,128
total outstanding warranty liability = $2,128
Since phone warranties last less than a year, the full amount should be recorded under current liabilities.
Answer:
D. Promises the company makes to the creditor
Explanation:
- A covenants is a promise at the time of indenture or any other sort of the formal debt agreement that the certain activity will or will not be carried out and a certain threshold will be met.
- Thus is a form of conditioning in commerce which stops the buyers for taking any certain decision and they can financial, the information, ownership, and affirmative and the negative or positive covenant.
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