1. The correct entry for each sale of a finished good on account is debit Cost o

Question

1. The correct entry for each sale of a finished good on account is debit Cost of Goods Sold: credit Finished Goods a. b. debit Cost of Goods Sold: credit Finished Goods: debit Accounts Receivable; credit Sales debit Sales Expense: credit Finished Goods: credit Cash: credit Accounts c. Receivable d. debit Work in Process: credit Finished Goods: debit Accounts Receivable: credit Sales Questions 2 and 3 pertain to the following data set: 2. For the Campbell Corporation. materials purchased on account during the month amounted to $195.000. Materials requisitioned and placed into production totaled $168.000. From the following. select the entry to record the transaction the day the materials were bought: a. Materials b. Materials c. Materials Accounts Payable Accounts Payable Cash Materials 168.000 195.000 195.000 195.000 168.000 195.000 195.000 195.000 d. Accounts Payable 3. The entry to record the transaction on the day the materials were requisitioned by the production department is a. Materials b. Work in Process Work in Process Materials Materials Cash 168.000 195.000 168.000 168.000 195.000 168.000 168.000 c. Work in Process d. Work in Process

Explanation / Answer

1 Debit cost of goods sold, Credit finished goods ; Debit accounts receivable, credit sales 2 Materials 195000         Accounts Payable 195000 3 Work in process 168000          Materials 168000

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