1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Vika [28.1K]
3 years ago
9

Sheffield Company buys merchandise on account from Cheyenne Corp.. The selling price of the goods is $850, and the cost of the g

oods is $500. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Business
1 answer:
tia_tia [17]3 years ago
6 0

Answer:

See the explanation below

Explanation:

In Sheffield Company books:

<u>Details                                        Dr ($)           Cr ($)</u>

Merchandise Inventory              850          

Accounts Payable                                          850

<em><u>To record purchase of merchandise inventory on account. </u></em>

In the book of Cheyenne Corp.

<u>Details                                        Dr ($)           Cr ($)  </u>

Accounts Receivable                850

Sales                                                                850

<em><u>To record the sale of merchandise inventory on account </u></em><em>.  </em><u><em>   </em></u>

Cost of Goods Sold                  500

Merchandise Inventory                                 500

<em><u>To record the cost of merchandise inventory sold on account </u></em><em>.     </em>

You might be interested in
A firm may pay efficiency wages in an attempt to a. entice workers to work the night shift rather than the day shift. b. improve
BartSMP [9]

Answer:

the answer is: B) improve productivity by reducing turnover.

Explanation:

The efficiency weigh theory states that when employers increase their employees' wages above average market wages, they will earn higher profits due to:

  • An increase in labor productivity since the employees are very motivated to work in the company and employee turnover decreases.
  • The increase in labor productivity and the decrease in employee turnover will offset the increase in costs due to higher wages.
8 0
3 years ago
Metlock Windows manufactures and sells custom storm windows for three-season porches. Metlock also provides installation service
Xelga [282]

Answer:

June 1 2020

No entry

September 1, 2020

Dr Cash $1,980

Dr Accounts receivable $300

Cr Sales revenue $1,730

Cr Unearned sales revenue $550

September 1, 2020

Dr Cost of goods sold $1,140

Cr Inventory $1,140

October 15 2020

Dr Cash $300

Dr Unearned service revenue $550

Cr Accounts receivable $300

Cr Service Revenue $550

Explanation:

Preparation of the journal entries for Geraths in 2020

June 1 2020

No entry

September 1, 2020

Dr Cash $1,980

Dr Accounts receivable $300

($1,730+$550+$1,980)

Cr Sales revenue $1,730

($1,980/$2,610*$2,280)

($1,980+$630=$2,610)

Cr Unearned sales revenue $550 ($630/$2,610*$2,280)

September 1, 2020

Dr Cost of goods sold $1,140

Cr Inventory $1,140

October 15 2020

Dr Cash $300

Dr Unearned service revenue $550

Cr Accounts receivable $300

Cr Service Revenue $550

6 0
3 years ago
As mentioned in the video, the US produces an annual "List of Goods Produced by Child Labor or Forced Labor." How effective do y
lina2011 [118]

Answer and Explanation:

By publishing the "List of Goods Produced by Child Labor or Forced Labor" the American government is able to raise awareness among the population that, although child labor is something inconceivable in American society, it still happens with great intensity in various places around the world. This allows the population to become aware of this situation and to stop buying products produced by companies that finance and allow child labor to happen. When they stop using these products, companies suffer a decrease in demand, which can cause significant changes in the production and in the lives of children who need to work.

While consumer pressure at companies that allow child labor is effective, pressure from political and commercial authorities is more effective in bringing about change and ensuring the protection of children, as these authorities can promote severe punishments for those who allow this to happen.

7 0
2 years ago
In its first month of operations, Concord Corporation made three purchases of merchandise in the following sequence: (1) 650 uni
Triss [41]

Answer: Average unit cost=$5.800 per unit

Cost of Ending inventory =$3,190

Explanation:

Average unit cost

First purchase= 650 units x $4=$2,600

Second Purchase=750 units x $6 =$4,500

Third Purchase=    850 units x $7 = $5,950

Total Cost =                                     $13,050

Average unit cost = Total cost/ number of units =13,050/(650+750+850)= 13,050/2250= $5.8 per unit

Cost of Ending inventory = 550 unts at hand x $5.8 =$3,190

(using the average cost method)

7 0
3 years ago
Which of the following statements regarding quality-control inspections is true? a.Inspection requires product tear down. b.Insp
Nimfa-mama [501]

Answer: The answer is C. Inspection requires both product tear down and product reassembly.

Explanation: The aim of quality-control inspections is to ascertain whether a product has been made according to specifications, and whether there are any defects in the products.

Therefore quality-control inspections will involve product tear down, in order to check the component parts of a product for quality assurance, and product reassembly is carried out after the product tear down to reassemble the products if it is discovered that it meets quality standard.

4 0
3 years ago
Other questions:
  • On December 31, 2016 before adjusting entries, Accounts Receivable for Nickolas Company had a debit balance of $200,000, and the
    6·1 answer
  • What is the maximum amount of money an individual can sue for in san diego small claims court?
    12·1 answer
  • An opera house is offering three performances and has two types of consumers. The performances are "Carmen," "Madama Butterfly,"
    12·1 answer
  • The management accountant at Jang Manufacturing Co. collected the following data in preparation for a life-cycle analysis on one
    6·1 answer
  • Suppose that Katy sells egg rolls. The total cost of production, based on the number of egg rolls produced, is shown in the foll
    6·1 answer
  • A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents.
    11·1 answer
  • An electronic products producer synthesizes its abilities in miniaturization, microprocessor design, material science, and ultra
    6·1 answer
  • Thermopolis, Inc. reported retained earnings of $490,953 on December 31, 2017. During the year, Thermopolis recorded net income
    12·1 answer
  • Forrester Company is considering buying new equipment that would increase monthly fixed costs from $120,000 to $150,000 and woul
    6·1 answer
  • A new car sells for $25,000. The value of the car decreases by 15% each year. What is the approximate value of the car 5 years a
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!