Mountain Day Spa sold merchandise inventory on credit, terms n/30, to Marvin Smith, $400. Cost of goods sold was $250. When using a manual accounting information system, where should Mountain record this transaction, and what is the appropriate column in which to record the $250? OA. Cash receipts journal, Cash DR, Sales Revenue CR OB. Sales journal, Accounts Receivable DR, Sales Revenue CR OC. Sales journal; Cost of Goods Sold DR, Merchandise Inventory CR OD. Cash receipts journal; Cash DR, Accounts Receivable CR

Mountain Day Spa sold merchandise inventory on credit, terms n/30, to Marvin Smith, $400. Cost of goods sold was $250. When using a manual accounting information system, where should Mountain record this transaction, and what is the appropriate column in which to record the $250? OA. Cash receipts journal, Cash DR, Sales Revenue CR OB. Sales journal, Accounts Receivable DR, Sales Revenue CR OC. Sales journal; Cost of Goods Sold DR, Merchandise Inventory CR OD. Cash receipts journal; Cash DR, Accounts Receivable CR

Name: Dog Mountain Day Spa sold merchandise inventory on credit, terms n/30,
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Dog Mountain Day Spa sold merchandise inventory on credit, terms n/30, to Marvin Smith, $400. Cost of goods sold was $250. When using a manual accounting informationsystem, where should Mountain record this transaction, and what is the appropriate co

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: July 12: Paid amount owed to Tabby Company. Activity Operating v Accounts Cash Decrease, Account…

A: Transaction: It is an event between a buyer and seller which involves money. It is an exchange of…

Q: Service- industry example

A: Service industry: A service industry is an economic sector that delivers particular intangible…

Q: Bnmm

A: Accounting system refers to the set of the processes of accounting which is integrated with the…

Q: What is general ledge

A: What is general ledger?.

Q: Required: a. Prepare a statement of LLC liquidation. b. Provide the journal entry for the final cash…

A: Given Information: Lester Capital = $48,630 Torres Capital = $65,630 Hearst Capital = $26,190…

Q: D. Compute the following cost: i Prime cost ii. Conversion cost iii. Inventoriable cost iv.…

A: Since it was asked to solve part D and E. D and E part has been solved.

Q: AIS conceptual design

A: AIS stands for Accounting Information System. The process of keeping the accounts and financial…

Q: Definition of Marco

A: Macroeconomics is the study of how the economy behaves in broad outline. It is largely concerned…

Q: John wishes to borrow 20,000. Lender X and Y offer the following terms: (1) Lender X will be repaid…

A: Present value:Present value is popularly known in short as PV. It is a concept of accounting that…

Q: What is the difference between the Cumberland Gap and GAAP?

A: Answer:- Difference meaning:- Difference is an important notion in philosophy, referring to the…

Q: How about the Question 3

A: The present value of growth opportunity is defined as the value of stock attributed to the earnings…

Q: Identify the gragh?

A: Part a: Total direct material cost increases or decreases in direct proportion to change in activity…

Q: Define customers

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Q: Vhhhbbbbbbbnn

Q: What is bolt-on software?

A: Software: Software can be defined as a set of data, programs, and instructions that are used to…

Q: kindly, explain more

A: When deciding where to invest there many factors that need to be considered in order to take any…

Q: Define white knight

A: A white knight is hostile acquisition security by which a 'friendliness' person or business who…

Q: Big help please

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: Activity F stomer Service

A: 1) S. Inc Activity rate = Total activity cost ÷ Activity Base Customer Service = $29,190 ÷ 210 =…

Q: dgdfdgdhfgff

A: It looks like your message might have been incomplete or accidentally sent. How can I assist you…

Q: 1. Descibe JIT production and its features.

A: Just in time production represents the reduction in labor, material, and time so that the cost could…

Q: Define unicorn

A: The term Unicorn in finance was popularized by Aileen Lee, a popular venture capitalist &…

Q: What is ethical accounting

A: Ethics: At its most basic level, ethics is a set of moral rules that guide behavior. They have an…

Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

Dog

Mountain Day Spa sold merchandise inventory on credit, terms n/30, to Marvin Smith, $400. Cost of goods sold was $250. When using a manual accounting information
system, where should Mountain record this transaction, and what is the appropriate column in which to record the $250?
OA. Cash receipts journal, Cash DR, Sales Revenue CR
OB. Sales journal, Accounts Receivable DR, Sales Revenue CR
OC. Sales journal; Cost of Goods Sold DR, Merchandise Inventory CR
OD. Cash receipts journal; Cash DR, Accounts Receivable CR

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduce to journal entry

VIEW

Step 2: Working for journal entry

VIEW

Step 3: Working for correct or incorrect option

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Describe moral hazard.
Explain professional association (PA)?
Define useful life
I Need Formulation
Egyghh gyu
Define writing an option
I, J, K
The communication process consists of many stages. In which stage of the communication the receiver interprets the message and translates it into meaningful information? O a. Feedback O b. Noise Oc. Encoding O d. Decoding
Use the following accounts; Cash Foreign exchange gain Foreign exchange loss Capital Bank Short-term investments Loss on sale of short-term investment Gain on sale of short-term investment RA established his own company, r@ktas Co. The following transactions are the events that occurred during December 2018, the company's first month: Date 12/1 The owner invested $ 200,000 cash for capital. 12/5 r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro (Exchange rate was 1 Euro= 1,5 Dollar) 12/10 The Company purchased short-term investment with cash for $2,500. 12/18 The Company sold short-term investment with cash for $2.000 Note: • Exchange rate was 1 Euro= 1,4 Dollar at the end of the period. Requirements: 1- Give the journal entry for each transaction. 2- Post each transaction to Taccounts.
Define Ethics.
Requirement Show your working
Differentiate AIS from MIS