WebWhich of the following are correct regarding why management uses internal controls? -Protect assets. -Ensure reliable accounting. -Uphold company policies. -Promote efficient operations. Identify the principles of internal control by selecting the correct answers below. -Apply technological controls. -Perform regular and independent reviews. WebQuestion options: 1) Delivery Expense 2) Sales Salaries 3) Advertising Expense 4) Cost of Goods Sold ... Question options: 1) debit Merchandise Inventory, $5,000; credit Cost of Merchandise Sold, $5,000 2) debit Cost of Merchandise Sold, …
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WebAccounts Receivable (debit) and Sales (credit) increases for the amount of the sale (30 × $150). Cost of Goods Sold increases (debit) and Merchandise Inventory decreases … WebSep 3, 2024 · Expenses reduce profit, and companies do not claim inventory costs as expenses until they actually sell the inventory. Say a company gets a shipment of 100 … motorcycle shop new smyrna beach
Accounting Exam #2 Flashcards Quizlet
WebOct 2, 2024 · Debit. Credit. 12. Delivery Expense. 20. Accounts Payable. 20. The seller uses Delivery Expense to record transpor- tation charges only when terms are FOB destination. NOTE: If the information about the transportation says the seller is billed or invoiced by UPS, credit Accounts Payable (as shown above.) WebC. George Delivery Co.'s adjusted trial balance shows two expense accounts: Wages Expense with a debit balance of $12,000 and Advertising Expense with a debit balance of $3,000. The journal entry to close these accounts will include a debit to which account(s): ... After the revenue and expense accounts of R. Gill Quick Delivery Co. are closed ... Web80 rows · Oct 14, 2024 · Contra expense normal balance: An expense is normally a debit balance so a contra expense account such as purchase returns is normally a credit balance Contra revenue normal balance: … motorcycle shop newport news