Answer:
As per the examples of the creators code Many things related to the performance of the company. It is critical to have a solid plan, to have a profitable products and services and to have effective methods. Although it is up to the individuals inside the organisation to actively enforce policies, plans ,and procedures that make a company a success.
When using the specific identification inventory method, the cost of goods sold equals the "revenues from the goods sold."
This is because the specific identification inventory method calculates each unit of n item in an inventory from when it enters the inventory until it leaves it.
The specific identification inventory method is used by many industries such as automobiles, furniture, jewelry, etc.
This method is mostly used when each unit of items can be specified easily, either through serial number, stamped receipt date, or other means of identification.
Hence, in this case, it is concluded that the specific identification inventory method is a good method to use in certain industries.
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Answer:
$2,600 in the Accounts Receivable Dr./Sales Cr. column and $1,700 in the Cost of Goods Sold Dr./Inventory Cr. column.
Explanation:
If we assume that Maxie's Game World uses a perpetual inventory system, the appropriate journal entries should be:
Date XXX, merchandise sold on credit to client YYY, terms 1/10, n/30
Dr Accounts receivable 2,600
Cr Sales revenue 2,600
Dr Cost of goods sold 1,700
Cr Merchandise inventory 1,700
You should make note of the fact that no bill was received but you did make the payment.
