Thara

posted by .

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 ^_^

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. accounting

    Question 2.) Hawkeye Electric Company engaged in the following transactions during July. July 2 – Purchased inventory for cash, $800 July 5 – Purchased store supplies on credit terms of net eom, $600. July 8 – Purchased inventory …
  2. Math

    Staley Watch Company reported the following income statement data for a 2-year period. 2008 2009 Sales $210,000 $250,000 Cost of goods sold Beginning inventory 32,000 44,000 Cost of goods purchased 173,000 202,000 Cost of goods available …
  3. COLLEGE ACCOUNTING

    Sunset Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost 1/1 Beginning Inventory 200 $6.20 1/20 Purchase 300 $6.50 7/25 Purchase 200 $6.80 10/20 Purchase 300 $7.00 A physical …
  4. accounting

    Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $8.00 per unit. During the year, purchases were: Feb. 20 600 units at $9 Aug. 12 300 units at $11 May 5 500 units at $10 Dec. 8 200 units at $12 Eddings …
  5. math

    Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $8.00 per unit. During the year, purchases were: Feb. 20 600 units at $9 May 5 500 units at $10 Aug. 12 300 units at $11 Dec. 8 200 units at $12 Eddings …
  6. cuyamaca

    Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $8.00 per unit. During the year, purchases were: Feb. 20 600 units at $9 Aug. 12 300 units at $11 May 5 500 units at $10 Dec. 8 200 units at $12 Eddings …
  7. accounting

    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 …
  8. Finance accounting

    Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $8.00 per unit. During the year, purchases were: Feb. 20 600 units at $9 Aug. 12 300 units at $11 May 5 500 units at $10 Dec. 8 200 units at $12 Eddings …
  9. accounting please help!

    I have most of them done but would like to have these ones double checked... Please Help!!! 2. The balance sheet format that lists assets above liabilities is the _______ form. A. alphabetical B. liquidity C. account D. report I said …
  10. Accounting

    Hawkeye Electric Company engaged in the following transactions during July. Journalize the preceding transactions on the books of Hawkeye Electric Company using the perpetual system of inventory. July 2 – Purchased inventory for …

More Similar Questions