Solved

Feathertouch Company Sold Merchandize Worth $800 on Credit, Terms N/15

Question 141

Short Answer

Feathertouch Company sold merchandize worth $800 on credit, terms n/15. The merchandize sold had cost $550. What is the required journal entry to record the transaction and to transfer the cost of merchandize inventory to cost of goods sold under the periodic inventory system? Feathertouch Company sold merchandize worth $800 on credit, terms n/15. The merchandize sold had cost $550. What is the required journal entry to record the transaction and to transfer the cost of merchandize inventory to cost of goods sold under the periodic inventory system?

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q5: FOB shipping point means that the seller

Q6: The calculation of cost of goods available

Q53: Which of the following does not represent

Q81: Under the perpetual inventory system,the Cost of

Q100: On the income statement,freight-out is included as

Q136: Chancellor Company purchased merchandize worth $900 on

Q140: The computerization has helped taking physical inventory

Q144: Demmler Company entered into the transactions listed

Q145: Use this information to answer the following

Q168: When the periodic inventory system is used,a