16 x mart uses the perpetual inventory system to

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16. X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, itsold $1,400 of merchandise for cash. The original cost of the merchandise to X-Mart was$500. Demonstrate the required journal entry to record the cost of the sale by selectingallof the correct actions below. (Check all that apply.)
Credit Merchandise Inventory $500.Debit Merchandise Inventory $500.Reason: Merchandise Inventory needs to be credited for $500.Credit Cost of Goods Sold $500.Reason: Cost of Goods Sold needs to be debited.17. X-Mart uses the perpetual inventory system to account for its merchandise. On June 1, itsold $7,000 of merchandise for cash. The original cost of the merchandise to X-Mart was$500. Demonstrate the required journal entry to record the cost of the sale by selectingallof the correct actions below. (Check all that apply.)
18. Jan’s Jams makes a credit sale for $300 with terms of 2/10, n/30. The cost of themerchandise is $200. The required journal entry to record the sale and the cost of the saleis:
19. Jerry’s Flowers sold and shipped merchandise across the country to a buyer. The termswere FOB destinations. Assuming it paid the bill immediately, demonstrate the journalentry required by Jerry’s Flowers under the perpetual inventory system to record thefreight charges.20. One June 5, Jo’s Market sold $1,000 of goods on credit with terms of 2/10, n/30. How
will Jo’s Market record the customer’s payment on June 8?a.Debit Cash $980; debit Sales Discounts $20; and credit Accounts Receivable $1,000.
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Term
Spring
Professor
LEHMAN
Tags
Generally Accepted Accounting Principles, Cost of Goods, c Debit Freight

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