Forever Jewelers uses the perpetual inventory system. On April 2, Forever sold merchandise with a cost of $1,500 for $7,000 to a customer on account with terms of 4/15, n/30. Which of the following jounal entries correctly records the sales revenue?
A. Accounts Receivable 6,720
Sales Revenue 6,720
B. Sales Revenue 6,720
Accounts Receivable 6,720
C. Sales Revenue 6,720
Cost of Goods Sold 6,720
D. Accounts Receivable 1,500
Sales Revenue 1,500
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Forever Jewelers uses the perpetual inventory system. On April 2, Forever sold merchandise with a cost of $1,500 for $7,000 to a customer ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Laner Company has the following data for the production and sale of 2,000 units. Sales price per unit $800 per unit Fixed costs: Marketing and administrative $400,000 per period Manufacturing overhead $200,000 per period Variable costs: Marketing
Answers (1)
Market positioning involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.
Answers (1)
What is one negative effect of current patterns in global trade? A. Job loss and wage decreases in developed countries B. Slow economic growth worldwide C. Lower production costs in developing countries D. Reduced prices for goods and services
Answers (1)
To save for a new car, Samuel Smith will invest $3,000 at the end of each year for the next 5 years. The interest rate is 8%. What is the future value?
Answers (1)
Sally recently received a gift of $10,000 from her aunt to be used for her college education. Since college is almost a year away, Sally should probably put her gift into a A. savings account B. checking account C. Money Market account D.
Answers (1)
New Questions in Business
Calculate the accounting profit or loss as well as the economic profit or loss in each of the following situations: a. A firm with total revenues of $150 million, explicit costs of $90 million, and implicit costs of $40 million b.
Answers (1)
A price-discriminating firm charges the lowest price to the group that
Answers (1)
Sutherland Company purchased machinery for $960,000 on January 1, 2011. Straightline depreciation has been recorded based on a $60,000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2015 at a gain of $18,000.
Answers (1)
Merv's Hardware, a small family-owned store in Middletown, sells a 100-pack of garnet sandpaper for $35. The Home Shoppe, a large retail hardware chain in neighboring Morristown, sells the same product for $29.
Answers (1)
A sole proprietorship: Multiple Choice provides limited financial liability for its owner. involves significant legal costs during the formation process. has an unlimited life. has its profits taxed as personal income.
Answers (1)