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unknown5960
20.04.2020 •
Business
Journalize the following transactions for Roberts Company. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction.
August 6 Sold goods costing $8,400 to Garcia Company for cash, $14,000.
August 12 Garcia Company returned undamaged merchandise, purchased on August 6, for a cash refund, $1,560.
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Ответ:
Aug 6. Dr cash $14,000
Cr Sales $14,000
Aug,6 Dr Cost of goods sold $8,400
Cr Merchandise inventory $8,400
August 12
Dr Sales returns $1,560
Cr Cash $1,560
August 12
Dr Merchandise inventory $936
Cr Cost of goods sold $936
Explanation:
In the first place,the goods sold for cash of $14,000 means that cash account is debited and sales is credited with $14,000
However,with respect to cost of goods sold,there would a debit of $8,400 and credit of the same amount to merchandise inventory.
The goods returned returned would necessitate debit of sales return with $1,560 and credit to cash of the same amount.
The cost of goods returned is $936 ($1,560*$8400/$14,000) should debited to merchandise inventory and a credit to costs of good sold
Ответ:
Rent $400 ⇒ housing expenses
Electric bill $60 ⇒ housing expenses
Car payment $250 ⇒ transportation expenses
Car insurance $60 ⇒ transportation expenses
Backpack $10 ⇒ educational expenses
Explanation:
In economics, basic necessities are the products and services that you need for your day-to-day living, and they include food, housing expenses, transportation, child care, health care, taxes (both payroll and income), clothing and educational expenses (including school supplies).