Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. b uses a perpetual inventory system. your examinat

B uses a perpetual inventory system. Your examination of B Company's records indicates that B...

80.2K

Verified Solution

Question

Accounting

B uses a perpetual inventory system. Your examination of B Company's records indicates that B Company recorded a credit sale of $10,000 on December 30, 2019, the date of shipment. The goods had a cost to B of $7,000. The goods were shipped F.O.B. destination. The customer received the goods on January 3, 2020. The required correcting entry on B's books on December 31, 2019 would include:

Debit: Sales Revenue for 10,000

Credit: Sales Revenue for 10,000

Debit: Inventory for 10,000

Credit: Cost of Goods Sold for 10,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Advance Math
1.2K views

Solve the given initial-value problem. dx/dt = y ? 1 dy/dt = ?6x + 2y x(0) =...

Accounting
1.2K views

Financial information for two companies are presented below. Fill in the missing amounts. Sandhill Company Carla Vista Company Sales...

Biology
1.2K views

Who crowned Napoleon "Emperor of France" in 1804?A. King Louis XVIB. The PopeC. The First...

Physics
1.2K views

3 A steel tape is calibrated at 25 C On a cold day when the...

Physics
1.2K views

A bomber flying upward at an angle of 53 with the vertical releases a bomb...

Geometry
1.2K views

h t 4 9t 2 v 0 t h 0 where v 0 is the...

Algebra
1.2K views

synthetic division to perform the division 8x 9x 6x 3 X 2 8x 9x 6x...

Accounting
1.2K views

Write 400 words for reflective accounting jounal .

Accounting
1.2K views

Swathmore Clothing Corporation grants Its customers 30 days' credit. The company uses the allowance method...

Accounting
1.2K views

During January 2024, the following transactions occur: January 2 Issue an additional 2,000...

Accounting
1.2K views

In 2018, Bodily Corporation reported $260,000 pretax accounting income. The income tax rate for that...

Accounting
1.2K views

Carver Corporation produces a product which sells for $40. Variable manufacturing costs are $18 per...