Feathertouch Company Sold Merchandize Worth $800 on Credit,terms N/15 B)

question 51

Multiple Choice

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?

• A)
• \(\begin{array}{l}
• \begin{array}{ll}
• \text { Accounts Receivables } & 800 \\
• \text { Sales } & 800
• \end{array}\\\\
• \text { No entry for transfer to cost of goods sold. }
• \end{array}\)
• B)
• \(\begin{array}{llr}
• \text { Sales } &800\\
• \text { Accounts Receivables } &&800\\\\
• \text { Merchandize Inventory } &550\\
• \text {Cost of Goods Sold } &&550
• \end{array}\)

Differentiate between the concepts of nature and nurture in human development.

Recognize how human development is affected by psychosocial processes.

Understand the concepts of quantity and quality in logical statements.

Distinguish between universal and particular statements.

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Definitions:

Adjusting Entries

Entries in the books of accounts made during the final part of an accounting cycle to distribute profits and costs to their rightful period.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts.

Adjusting Entries

Records entered into accounting logs at the close of an accounting period to assign earnings and expenses to the period they truly happened.

Worksheet

A document or spreadsheet used in accounting to compile data and calculations for reporting purposes.