On July 1,Darin Company sold inventory costing $5,000 to Dee Company for $6,000,terms 3/10,n/30.Both companies use a perpetual inventory system.What journal entry will be recorded by Dee Company on July 1?
A) Debit Purchases and credit Accounts Payable for $6,000.
B) Debit Inventory and credit Accounts Receivable for $6,000.
C) Debit Inventory and credit Accounts Payable for $6,000.
D) Debit Cost of Goods Sold and credit Inventory for $4,500.
Correct Answer:
Verified
Q88: Glenrosa Company bought inventory FOB shipping point
Q89: The journal entry to record taking a
Q90: A company using a perpetual inventory system
Q91: The journal entry to record the payment
Q92: A sale is recorded when goods leave
Q94: Glenrosa Company bought inventory from Monterosa Company,FOB
Q95: On July 1,Darin Company sold inventory costing
Q96: Which of the following costs should be
Q97: Inventory cost consists of purchase price:
A)plus freight-in.
B)plus
Q98: When using a perpetual inventory system,the Cost
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents