Ram sold goods worth 1000. what will be accounting entry
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- Indicate whether the general ledger accounts will be debited or credited when recording the following entries: Sell goods to a customer for R500 Debtors: DEBIT Debtors: CREDITWhich of the following accounts has a normal debit balance. (Choose all that apply) feea earned accounts receivable cost of goods sold sales and returns allowances sales accounts payableWhen merchandise is bought for resale, which of the following accounts would be increased? A. Accounts Payable B. Supplies Expense C. Store Equipment D. Merchandise Inventory
- Which of the following accounts are used when recording a purchase? A. cash, merchandise inventory B. accounts payable, merchandise inventory C. A or B D. cash, accounts payableIn accounting what is meant by the term 'purchases'? Select one: A. All good purchased and paid for. OB. All items bought. OC. All good bought for re-sale. OD. All goods held in inventory.In a perpetual system, what would be the journal entry for a sales return. (a) Dr. Sales return and allowance Cr. Account receivable (b) Dr. sales Cr. Account receivable (c) Dr. Sales Cr. Merchandise inventory (d) Dr. Sales return and allowance Merchendise inventory Cr. Account receivable Cost of good solds
- On a journal entry with a debit to Cost of Goods Sold you would expect a credit to _____________________When goods are sold on credit the account of a customer is called : Select one: a. Purchases Return b. Account Payable c. Sales Return d. Account Receivable8.When a product is sold on credit, which account should be debited for the seller? A.cash B.Inventory C.A/P D.A/R
- 1. What is the amount of gross sale on account? 2. What are the total gross sales? 3. What are the total net sales? 4. What are the correct gross purchase on account? 5. What are the gross purchase? 6. What are the net purchases?Looking for an expert Accounting Tutor thank you TIPS:1. Get the Cost of Goods Sold(COGS) - compute for it, andyan yan. Compute for this first.2. The rest of the account titles, identify if it is revenue or expense. Then plot to income statement to get the net income Additional reference:SINGLE STEP APPROACH that your going to useHow would you find the invoice amount of merchandise that was returned in