Chapter 6 Homework - Rachel L. Gates ACC-240 Chapter 6...

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Unformatted text preview: Rachel L. Gates ACC-240 Chapter 6 Homework E6-16 Req.1. dr Accounts Receivable (+A)...............................800 cr Sales Revenue (+R,+SE)..................................800 dr Cost of Goods Sold (+E,-SE)............................500 cr Inventory (-A).................................................500 Req.2. dr Cash (+A)........................................................784 dr Sales Discount (+xR,-SE)...................................16 cr Accounts Receivable......................................800 Req.3. dr Cash (+A).........................................................800 cr Accounts Receivable (-A)................................800 Req.4. Questions 1.) What is the distinction btw Service & Merchandising Companies? Merchandising & Manufacturing? Retail & Wholesale Merchandising Companies? Service companies sell services rather than physical goods; their income statement show costs of services rather than costs of goods sold. Merchandise companies sell goods that have been obtained from a supplier. Retail merchandise companies sell directly to consumers whereas wholesale merchandise companies sell to retail companies. Manufacturing companies sell goods that they have made themselves.goods that they have made themselves....
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This note was uploaded on 02/01/2011 for the course ACC 240 taught by Professor Lewis during the Fall '08 term at Eastern Michigan University.

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Chapter 6 Homework - Rachel L. Gates ACC-240 Chapter 6...

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