Zhang Company Reported Cost of Goods Sold of $835,000, Beginning

question 123

Multiple Choice

Zhang Company reported Cost of Goods Sold of $835,000, beginning Inventory of $37,200 and ending Inventory of $46,300. The average Inventory amount is:

• A)$37,200.
• B)$46,300.
• C)$83,500.
• D)$41,750.
• E)$9,100.

Understand basic journal entries for common stock issuance and direct investments in a business.

Set up and utilize T accounts for common transactions and prepare a trial balance.

Identify and correct common journalizing and posting errors.

Perform journal entries for various business transactions, applying the double-entry bookkeeping system.

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Definitions:

Conservation Skills

Cognitive abilities to understand that quantity, length, or number do not change when nothing is added or taken away, despite changes in form or appearance.

Centration

A cognitive limitation in preoperational stage children where they can focus on only one aspect of a situation at a time.

Reversibility

The cognitive ability to understand that actions can be reversed, restoring the original state.

Egocentrism

In developmental psychology, a characteristic of young children where they are unable to see a situation from another person's point of view.