Henry Company has inventory costing $15,000. They sell the inventory for $25,000. The customer pays with...
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Henry Company has inventory costing $15,000. They sell the inventory for $25,000. The customer pays with $10,000 cash and a $15.000 receivable. Which of the following is NOT included in the journal entry used to record this sale? CREDIT to Inventory for $15,000 DEBIT to Cost of Goods Sold for $15,000 O DEBIT to Accounts Receivable for $15,000 O CREDIT to Gain on Sale for $10,000 O CREDIT to Sales Revenue for $25,000 Henry Company has inventory costing $15,000. They sell the inventory for $25,000. The customer pays with $10,000 cash and a $15.000 receivable. Which of the following is NOT included in the journal entry used to record this sale? CREDIT to Inventory for $15,000 DEBIT to Cost of Goods Sold for $15,000 O DEBIT to Accounts Receivable for $15,000 O CREDIT to Gain on Sale for $10,000 O CREDIT to Sales Revenue for $25,000
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Answer CREDIT to Gain on Sale for 10000 as Following the two journal entrie... View the full answer
Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
Posted Date:
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