Table 7-6
Provincewide Milling Company Uses a Sales Journal Other Sales That Took Place in June Are as Follows

question 76

Multiple Choice

Table 7-6
Provincewide Milling Company uses a sales journal. On June 2, the sales journal appears as you see below.
Sales Journal $\begin{array}{|l|l|l|l|l|r|}\hline& & & &\text { Accts Rec } & \\\text { Date } & \text { Invoice \# } & \text { Customer } & \text { Post } & \text { DR } & \text { COGS DR/ } \\&&&\text { Ref. } & \text { Sales Rev CR } & \text { Inventory CR }\\\hline \text { June 2 } & 909 & \text { Richardson Products } & & \$ 4,200 & \$ 1,090 \\\hline & & & & & \\\hline & & & & & \\\hline & & & & & \\\hline & & \text { Total } & & & \\\hline\end{array}$ Other sales that took place in June are as follows: $$\begin{array} { | c | c | c | c | } \hline \text { Inv \# } & \text { Sales Amount } & \text { Customer } & \text { Cost of Goods Sold } \\\hline 910 & \$ 880 & \text { Anton, Michael } & \$ 390 \\\hline 911 & 1,120 & \text { A1 Repairs } & 560 \\\hline 912 & 500 & \text { Thompson, Al } & 220 \\\hline\end{array}$$
-Refer to Table 7-6, at the end of the month, what entry was made to inventory?

• A)credit $2,260
• B)debit $2,260
• C)debit $6,700
• D)credit $6,700

Understand the exchange rate and its application in converting currencies.

Comprehend the concepts of selling at a discount or premium relative to another currency.

Grasp the implications of spot and forward markets on currency values.

Explain the International Fisher Effect and its relevance to real and nominal interest rates across countries.

---

Definitions:

Fibrous Joint

A type of joint where bones are joined by dense connective tissue, typically allowing for little to no movement.

Fibrous Joints

A type of joint in the body where bones are joined by dense fibrous tissue, allowing for minimal to no movement.

Sutures

Stitches or a type of joint between the bones of the skull that fuse together during early childhood.

Syndesmoses

A type of fibrous joint in which bones are joined together by a ligament or a fibrous tissue, allowing for minimal movement.