The journal entry is: Debit (Dr)Credit (Cr) Expenditures $ XXX Vouchers payable $ XXX Choice "c" is incorrect. Encumbrances are recorded when resources are committed for future expenditures, not when goods and services are received.Choice "d" is incorrect. Since the measurement focus of ...
FIFO Method stands for first in first out. The first purchased goods are sold first. therefore fresh goods will remain as part of the ending inventory. There are other methods of stock valuation such as LIFO , Specific identi...
four legs and a drawer. This is your Job #2.All raw materials needed for Job #2were requested from the material storage for use during the month. All materials are direct.(After you journalize this entry please enter the information ...
LTD Income Statement December 31, 2020 Revenue: Sales Less: sales returns and allowances Sales discounts Net sales Cost of goods sold: Inventory, Jan,1 Purchases Less: Purchase returns and allowances Purchase discounts Net purchases Add: freight and transportation-in Cost of goods purchased Cost ...