Indicate the amount of revenue, if any, in each of the following transactions, assuming the accrual basis
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Indicate the amount of revenue, if any, in each of the following transactions, assuming the accrual basis of accounting is used.
a Goods that cost \(\$ 700\) are sold for \(\$ 800\) cash.
b Goods that cost \(\$ 700\) are sold on account for \(\$ 800\).
c Goods that cost \(\$ 800\) are sold on account for \(\$ 800\).
d Goods that cost \(\$ 850\) are sold for \(\$ 800\) cash.
e Cash of \(\$ 800\) is received from customers to apply to their accounts.
f A deposit of \(\$ 800\) is received on a \(\$ 20,000\) order for goods.
g Bonds are issued for \(\$ 20,000\) cash.
h Shares of common stock are issued for \(\$ 20,000\) cash
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Related Book For
Financial Accounting An Introduction To Concepts Methods And Uses
ISBN: 9780030452963
2nd Edition
Authors: Sidney Davidson, Roman L. Weil, Clyde P. Stickney
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