Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. dude duds, inc. is a clothing retailer specializin

Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries...

70.2K

Verified Solution

Question

Accounting

image

Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below for the first quarter ending March 31 of the current year. Received an order from a customer for $158,727 at the end of the quarter. The company expects to receive the merchandise from a supplier next month. The customer advanced $31,700 toward the contract price. Select one: O a. Dr. Cash $158,727; Dr. Cost of goods sold $31,700; Cr. Revenue $158,727; Cr. inventory $31,700 O b. Dr. Cash $31,700; Cr. Unearned revenue $31,700 O c. Dr. Unearned revenue $31,700; Cr. Cash $31,700 O d. No transaction occurred and no journal entry or adjusting entry needed O e. Dr. Cash $158,727; Cr. Revenue $158,727

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

True or False 1) If the obtained sample data are in the critical region, then we could...

Statistics
Q

A force F is applied along a rod of transverse cross sectional area A The...

Physics
Q

A shipment of 8 computers contains 3 with defects Find the probability that a sample...

Basic Math
Q

An electric board determines its monthly bills for residential customers by charging a base price...

Basic Math
Q

Bernard ran an experiment to test optimum power and time settings for microwave popcom His...

Statistics
Q

5 a What is an even function and what is an odd function b Which...

Calculus
Q

1 point 5 3 is a solution to the system of equations 2a y 7...

Calculus
Q

2 Which quadrant is the coordinate point 4 3 located in 01 2

Algebra
Q

Required: 1. What is the company's margin of safety? (Do not round intermediate calculations.) 2....

Accounting
Q

Coolbrook Company has the following information available for the past year: River Division Division Stream...

Accounting
Q

Youngstown Glass Company manufactures three types of safety plate glass: large, medlum, and small. All...

Accounting
Q

Chapter 12) Following strategy of product differentiation, exy's Limited Company high end Appliance, XT15. trzy...

Accounting