I looked it up and the answer I was given is Ciroc
Answer:
they both produce the same thing
Explanation:
check the picture attached below for the full explanation.
Answer: D. Safeguard the resources of the organization.
Explanation:
The functions of internal controls are
- to minimize risks
- to protect assets
- to ensure accuracy of records
- to promote operational efficiency
- to encourage adherence to policies, rules, regulations, and laws.c
The reason to establish internal control is to assist safeguard an organization and its objectives.
Hence, the correct option is D.
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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