Mgmt e 1000 principles of financial accounting Study guides, Class notes & Summaries

MGMT E-1000 Financial Accounting Principles final study exam LO: 2 1. At the beginning of the current period, Haitijah Industries has 150 units of a product with a unit cost of $640. Its inventory records report the following transactions: Units Unit Cost Cost Beginning Inventory 150 $640 $96,000 Purchase #1 150 $704 $105,600 Purchase #2 70 $760 $53,200 Purchase #3 30 $840 $25,200 During the current period, Haitijah sells 340 units. A. Assume Haitijah uses the FIFO method. Compute the ...

MGMT E-1000 Financial Accounting Principles Module 2 Quiz 1) Which of the following accounts is decreased by a debit? Select all that apply. Sales Revenue correct Sales Revenue is a revenue account as part of owners' equity and therefore increases with a credit and decreases with a debit. Rent Expense Rent Expense is an expense account as part of owners' equity and therefore increases with a debit and decreases with a credit. Deferred Revenue correct

Module 2 Quiz 1) Which of the following accounts is decreased by a debit? Select all that apply. Sales Revenue correct Sales Revenue is a revenue account as part of owners' equity and therefore increases with a credit and decreases with a debit. Rent Expense Rent Expense is an expense account as part of owners' equity and therefore increases with a debit and decreases with a credit