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A customer buys a product from you for $350 and promises to pay you in 30 days. The customer already has an open account with
A customer buys a product from you for $350 and promises to pay you in 30 days. The customer already has an open account with you firm. The entry for this transaction is: O A credit of $350 to sales and a debit of $350 to cash O A credit of $350 to sales and a debit of $350 to accounts payable O A debit of $350 to sales and a credit of $350 to accounts receivable O None of the above QUESTION 6 Your company buys some materials to use in producing a product that it sells. The cost of the materials is $350. The company agrees to pay the vendor in 30 days. The entry for this transaction is: O A debit of $350 to materials expense and a credit of $350 to accounts payable O A credit of $350 to materials expense and a debit of $350 to accounts payable O A debit of $350 to materials expense and a credit of $350 to accounts receivable O A credit of $350 to materials expense and a debit of $350 to accounts receivable O None of above
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