Asked by
McKenna Griffin
on Dec 16, 2024
Verified
On October 4 2016 TJ Corporation had credit sales transactions of $4800 from merchandise having cost $2880. The entries to record the day's credit transactions include a
A) debit of $4800 to Inventory.
B) credit of $4800 to Sales Revenue.
C) debit of $2880 to Inventory.
D) credit of $2880 to Cost of Goods Sold.
Cost of Goods Sold
The immediate expenses linked to manufacturing goods for sale within a business, encompassing both materials and workforce costs.
Credit Sales Transactions
Transactions where goods or services are sold to a customer with an agreement that payment will be made at a later date.
- Recognize and implement appropriate journal entries for particular merchandising activities.
- Acquire knowledge on the effects of inventory transactions on the Income Statement and Balance Sheet.
Verified Answer
GY
Learning Objectives
- Recognize and implement appropriate journal entries for particular merchandising activities.
- Acquire knowledge on the effects of inventory transactions on the Income Statement and Balance Sheet.