League Automobiles sold an automobile for $24,000 on account. The cost of the automobile was $13,440. The
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League Automobiles sold an automobile for $24,000 on account. The cost of the automobile was $13,440. The sale of the automobile came with one year of free oil changes valued at $360. What would be the journal entry to record the sale?
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Date a. C. Accounts and Explanation d. Accounts Receivable Sales Revenue Cost of Goods Sold b. Accounts Receivable Sales Revenue Merchandise Inventory Unearned Revenue Cost of Goods Sold Merchandise Inventory Accounts Receivable Sales Revenue Service Revenue Cost of Goods Sold Merchandise Inventory Accounts Receivable Sales Revenue Unearned Revenue Cost of Goods Sold Merchandise Inventory Debit 24,000 13,440 24,360 13,440 24,000 13,440 24,000 13,440 Credit 24,000 13,440 24,000 360 13,440 23,640 360 13,440 23,640 360 13,440
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In order to determine the correct journal entry to record the sale of the automobile we should consider the following 1 Accounts Receivable AR Recogni...View the full answer
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Related Book For
Horngrens Financial And Managerial Accounting The Managerial Chapters
ISBN: 9781292412337
7th Global Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura
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