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30. Sanford and son sells athletic equipment. The following events, related to a special customer order occur as described below September 1, 2019 Sanford receives
30. Sanford and son sells athletic equipment. The following events, related to a special customer order occur as described below September 1, 2019 Sanford receives the special order for 300 football helmets at a selling price of $100 each, including delivery at a future convenient time and location. The customer, with whom Sanford has had a long-term, trouble-free relationship, pays $5,000 as a deposit and agrees to pay the rest on delivery. Sanford immediately orders $20,000 worth of helmets from its supplier and pays a $5,000 deposit for them September 20, 2019. Sanford pays a $15,000 balance due to the supplier upon delivery of the helmets to its warehouse October 1, 2019. The customer calls for delivery of the helmets and pays the balance of $25,000 when they arrive at the customer site: On September 1, 2019, which one of the following accounting entries related to the $20,000 order placed with the supplier, should be recorded in Sanford's financial accounting system? debit inventory $5,000, credit cash $5,000 debit inventory $20,000 credit cash $5,000 credit accounts payable $15,000 debit advance to suppliers $5,000, credit cash $5,000 debit advance to suppliers $20,000, credit cash $5,000 credit accounts payable $15,000
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