Feathertouch Company Sold Merchandize Worth $800 on Credit, Terms N/15

question 141

Short Answer

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?

---

Definitions:

Moral Decision-making

The process of choosing a course of action based on ethical criteria and moral principles, aiming for a result that is considered morally right or acceptable.

Consequentialists

Ethical theorists who believe that the morality of an action is determined by its outcomes or consequences.

Important Considerations

are crucial factors or aspects that need careful thought and examination when making decisions or analyzing situations.

Utilitarians

Philosophers or adherents of the ethical theory called utilitarianism, which holds that the best action is the one that maximizes utility, typically defined as that which produces the greatest well-being of the greatest number.