The one characteristic that all entries recorded in a cash receipts journal have in common is
a) a credit to cash account
c) that they originate from the sales of merchandise
c) a debit to cash account
During July, the following purchases and sales were made by Big Dan Company. There was no beginning inventory. Big Dan Company uses a perpetual inventory system.
Purchases Sales
July 3 20 units @ $12 July 13 25 units
11 20 units @ $13 July 22 10 units
20 20 units @ $15
Under FIFOmethod , the cost of goods sold for each sale is
July 13 July 22
A $300 $120
B $305 $130
C $325 $130
D $375 $150