Wednesday
July 23, 2014

Homework Help: accounting

Posted by Thara on Thursday, November 4, 2010 at 5:46pm.

i. On February 27th, the company sold goods on account to CUSTOMER, $1,800. The goods had a cost of $900. Dungy uses a perpetual inventory system.

ans--> A/R (debit) $1800
Sales (credit) $1800

Cost of Goods Sold (debit) $900
Merchandise Inventory (credit) $900


ii. On February 27th, the company realized that it recorded collection from customers on February 21 incorrectly. $2,700 was collected from Campos and $950 from Dennison. Adjust the entry accordingly.

Im not sure how i should write the (ii). please help, have test tomorrow.thnx ^_^

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Thara - i. On February 27th, the company sold goods on account to CUSTOMER, $1,...
accounting - Eddings Company had a beginning inventory of 400 units of Product ...
Accounting - Hawkeye Electric Company engaged in the following transactions ...
math - Eddings Company had a beginning inventory of 400 units of Product XNA at ...
Finance accounting - Eddings Company had a beginning inventory of 400 units of ...
COLLEGE ACCOUNTING - Sunset Company uses the periodic inventory method and had ...
accounting - In accounting for an immaterial amount of overapplied overhead, ...
business - At the end of January, Mineral Labs had inventory of 725 units, which...
cuyamaca - Eddings Company had a beginning inventory of 400 units of Product XNA...
accounting - Question 2.) Hawkeye Electric Company engaged in the following ...

Search
Members