On September 12, Vander Company sold merchandise in the amount of $5,900 to Jepson Company, with credit terms of 3/10, n/30. The cost of the items sold is $4,100. Vander uses the periodic inventory sys the gross method of accounting for sales. The journal entry or entries that Vander will make on September 12 is (are): Multiple Choice Sales 5,900 Accounts receivable 5,900 Sales 5,900 Accounts receivable 5,900 Cost of goods sold Merchandise Inventory 4,100 4,100 Accounts receivable 5,90e Sales 5,900 Accounts receivable 5,900 Sales 5,900 Cost of goods sold 4,10e

On September 12, Vander Company sold merchandise in the amount of $5,900 to Jepson Company, with credit terms of 3/10, n/30. The cost of the items sold is $4,100. Vander uses the periodic inventory sys the gross method of accounting for sales. The journal entry or entries that Vander will make on September 12 is (are): Multiple Choice Sales 5,900 Accounts receivable 5,900 Sales 5,900 Accounts receivable 5,900 Cost of goods sold Merchandise Inventory 4,100 4,100 Accounts receivable 5,90e Sales 5,900 Accounts receivable 5,900 Sales 5,900 Cost of goods sold 4,10e

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 7E: On December 31, Marchant Company took a physical count of its merchandise inventory. It operates...

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Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December. RE7-11 Using the information from RE7-10, calculate Jessie Storess inventory on December 31 and its cost of goods sold for December using the LIFO method.
On December 31, Marchant Company took a physical count of its merchandise inventory. It operates under the perpetual inventory system. The physical count amounted to 185,294. The Merchandise Inventory account shows a balance of 187,936. Journalize the adjusting entry.
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December.
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