How do you register these transactions?
12/30 Sold merchandise during the quarter on account, $500,000. Cost of the goods be $400,000. Operating expenses for the quarter totaled $32,000, with $25,000 of this amount paid within cash. Glenn Global uses a perpetual inventory system.
Answers: 12/30Sold merchandise during the quarter on account, $500,000. Cost of the stock was $400,000
Dr Accounts receivable $500,000
Cr Sales $500,000
Dr COGS $400,000
Cr Merchandize inventory $400,000
Operating expenses for the quarter totaled $32,000, with $25,000 of this amount salaried in cash
Dr Various expenses $32,000
Cr Cash $25,000
Cr Accounts payable $7,000
I dream up what the other answerer was trying to say is this brand of questions should be under General - Business and Finance and not beneath Corporations
accountancy question - an accountant can answer
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Answers: 12/30Sold merchandise during the quarter on account, $500,000. Cost of the stock was $400,000
Dr Accounts receivable $500,000
Cr Sales $500,000
Dr COGS $400,000
Cr Merchandize inventory $400,000
Operating expenses for the quarter totaled $32,000, with $25,000 of this amount salaried in cash
Dr Various expenses $32,000
Cr Cash $25,000
Cr Accounts payable $7,000
I dream up what the other answerer was trying to say is this brand of questions should be under General - Business and Finance and not beneath Corporations
accountancy question - an accountant can answer