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
Karolina [17]
3 years ago
11

When purchases of merchandise are made for cash, the transaction may be recorded with the following entry *

Business
1 answer:
Zepler [3.9K]3 years ago
3 0

Answer:

Dr Merchandise Inventory Cr Cash

Explanation:

Based on the information given in a situation where purchases of merchandise are made for cash the transaction will be recorded in the journal entry by debiting Merchandise Inventory and Crediting Cash reason been that MERCHANDISE are current asset and Secondly merchandise are anticipated to be either sold out, used or turn them into cash within a period of one year, although it sometimes depends on the method of payment in which the merchandise was been paid for , which is why we have to Debit Merchandise Inventory Account and Credit Cash Account.

Hence:

Journal entry

Dr Merchandise Inventory

Cr Cash

You might be interested in
Most CLEP exams correspond to blank college courses
Kamila [148]
True Because they have preperations for your tests
8 0
3 years ago
What might be an example of corporate social responsibility
Thepotemich [5.8K]
Reducing carbon footprints. Improving labor policies. Participating in fairtrade. Charitable giving. hope this helps you. jajjaja
5 0
2 years ago
Read 2 more answers
Which of the following line items will appear on the income statement of a merchandiser but not of a service​ company?A. Supplie
nekit [7.7K]

Answer:

D. Cost of Goods Sold

Explanation:

The cost of goods sold or simply COGS is a numerical representation of the direct expenses incurred in manufacturing products sold to customers in a period. It is the aggregate of direct labor, direct materials, and overheads used in the production process. COGS apply to manufacturing firms and companies that handle physical goods.

The COGS is deducted from the sales revenue to give the gross profit. Calculating the COGS involves adding the purchases or goods manufactured to the beginning inventory. Ending inventory is deducted from the total to provide the COGS.  As per the formula, the COGS does not apply to the service industry.

3 0
3 years ago
Silverwood Company is considering the following alternatives: Alternative A Alternative B Revenues $100,000 $200,000 Variable co
lana66690 [7]

Answer:

to find profit make

%profit =selling price + cost price ÷ cost price

5 0
2 years ago
I believe that people can control 100% of what happen to them at work strongly agree or strongly disagree
IgorC [24]
I personally strongly disagree because you might control yourself but you can’t control what other people do around you.
6 0
3 years ago
Other questions:
  • Economist A says all of the following: The economy needs expansionary fiscal policy to remove it from a recessionary gap. Govern
    13·1 answer
  • Who was Adam Smith? Anybody?
    13·2 answers
  • The distribution of the amount of money in savings accounts for florida residents has an average of 2,200 dollars and a standard
    8·1 answer
  • If the market interest rate remains at 5% for the next 29 years, and if Leggio's credit rating remains constant, then the price
    11·1 answer
  • Service businesses employ approximately ___ percent of the u.s. work force.
    12·1 answer
  • The following selected transactions relate to liabilities of Interstate Farm Implements for December of 2018. Interstate’s fisca
    10·1 answer
  • Cars made in the United States by an American-owned company are included in______
    15·1 answer
  • Meredith wants to start her own small business. All of the following are things she needs to do to start a business EXCEPT:
    12·1 answer
  • A firm have an inventory turnover of 5 times a year on a cost of goods sold of $800 000.if the firm improves the inventory turno
    5·1 answer
  • Please solve this question asap…as i have less time
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!