The adjusted trial balance represents the cost of goods sold as well as total sales. Thus, option D is correct.
<h3>What is the cost of goods sold? </h3>
Cost of goods means the direct cost that is included in the making of the goods. The cost of goods is calculated by adding the purchase price of the commodity and deducting the closing inventory.
A report known as an adjusted trial balance lists all the debit and credit firm accounts exactly as they would appear on the accounting records after reconciliations have been made. Therefore, option D is the correct option.
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Answer:
Correct option is (c)
Explanation:
When the company repurchases common stock, it has to pay cash to the shareholders to gain rights on the stocks. So, cash decreases in this case.
Payment of dividend also decreases cash from balance sheet.
When company needs cash for investment or growth purpose, it issues common stock to raise funds, thereby increasing cash in the company's balance sheet.
When company gives more time to its debtors, receipt of cash is delayed thereby not increasing cash in balance sheet.
Purchase of new equipment will reduce cash balance.
So issue of new shares increase cash balance in balance sheet.
Answer:
- The entries in VLC's accounting information system to record all the preceding events will include all of the following except:
C. A credit togross profit
Explanation:
An entry to Gross Profit does not exist because the gross profit it's the result of the total sales minus the Cost of Goods, so the Gross Profit it's a result and not a journal entry.
The other entries are used as follows:
A. A debit to cost of goods sold
D. A credit to inventory
B. A debit to delivery expense
A credit to Cash
