Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

24. Daniel's Dodge, a car dealer, sold 8 vehicles on November 13, 2020 for a total of $152,000 on account. Daniel had originally purchased these

image text in transcribed
24. Daniel's Dodge, a car dealer, sold 8 vehicles on November 13, 2020 for a total of $152,000 on account. Daniel had originally purchased these vehicles on August 8, 2020 for $119,750. What journal entry (entries) should Daniel make on November 13, 2020? 119,750 Accounts receivable Sales Revenue Cost of Goods Sold Inventory 119,750 119,750 119,750 152,000 152,000 0 Accounts receivable Sales Revenue Cost of Goods Sold Inventory 119,750 119,750 32,250 119.750 Accounts receivable Cost of Goods Sold Sales Revenue 152,000 152,000 Accounts receivable Inventory Net Income 119,750 32,250

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Why do living creatures die? Can it be proved that they are reborn?

Answered: 1 week ago