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Kaylis [27]
3 years ago
10

Indicate the account being debited:

Business
1 answer:
kherson [118]3 years ago
3 0

Answer:

C.)M. Russo, Withdrawals

Explanation:

The drawing account is a contra account entry used to record and track the money withdrawn by owners for personal use. Drawing reduces the amount of cash( asset) available to the business.

Because cash -asset is reducing by 500, we credit cash by $500 and debit the drawing contra entry account by 500. M. Russo, Withdrawals is the debit account.

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What does it mean to “diversify” your portfolio?
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Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Deter
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Date Activities Units Acquired at Cost Units Sold at Retail

May 1 Beginning Inventory 150 units at $10.00  

5 Purchase 220 units at $12.00  

10 Sales  140 units at $20.00

15 Purchase 100 units at $13.00  

24 Sales  90 units at $21.0

Answer:

Value of closing inventory =$1290

Explanation:

<em>Under the LIFO inventory system units of inventory are priced using the price of the most recent batch purchased and this continues in turn.</em>

The value of closing inventory = Total cost of inventory available for sales - cost of goods sold

<em>The cost of inventory sold would be determined as follows:</em>

140 units  :140 × $12=1,680

90 units : 90× $13 = 1,170

Total cost of goods = 1,680 + 1,170  = 2,850

<em>Total cost of inventory available for sales would be equal to :</em>

(150  × $10.00) +  (220  ×$12.00) = 4,140

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Value of closing inventory =$1290

7 0
3 years ago
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