Business, 19.03.2021 18:20 Paigex3

X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise on credit. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the cost of the sale by selecting all of the correct actions below. a. Debit Merchandise Inventory $500.
b. Credit Cost of Goods Sold $500.
c. Credit Merchandise Inventory $500.
d. Debit Cost of Goods Sold $500.

Answers: 1

Show answers

Other questions on the subject: Business

Business, 22.06.2019 16:10, nsheikh2407

Regarding the results of a swot analysis, organizational weaknesses are (a) internal factors that the organization may exploit for a competitive advantage (b) internal factors that the organization needs to fix in order to be competitive (c) mbo skills that should be emphasized (d) skills and capabilities that give an industry advantages problems that a specific industry needs to correct

Answers: 1

continue

Business, 22.06.2019 20:30, zachzach28280

Almeda products, inc., uses a job-order costing system. the company's inventory balances on april 1, the start of its fiscal year, were as follows:

Answers: 2

continue

Business, 23.06.2019 02:30, dragon2565

Suppose a starbucks tall latte cost $4.00 in the united states, 5.00 euros in the euro area and $2.50 australian dollars in australia. nominal exchange rates are .80 euros per dollar and 1.4 australian dollars per u. s. dollar. where does purchasing power parity hold? a. both the euro area and australia. b. neither the euro area or australia. c. the euro area but not australia. d. australia but not the euro area.

Answers: 1

continue

Business, 23.06.2019 07:50, cheesy7651

To record a 6% stock dividend, accountants use to record a 55% stock dividend, accountants use a. par value per share; market price per share b. par value per share; par value per share c. market price per share; market price per share d. market price per share; par value per share

Answers: 1

continue

You know the right answer?

X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400...