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A farm supply business sells fertilizer from inventory and receives cash. Is 25 points the following set of transactions correct? ... Credit Sales, Debit Cost

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A farm supply business sells fertilizer from inventory and receives cash. Is 25 points the following set of transactions correct? ... Credit Sales, Debit Cost of Goods Sold, Debit Cash, Credit Inventory Yes, the transactions are correct. No, the transactions are not correct. 25 points A farm supply business receives payment against an outstanding client account. Is the following set of transactions correct? ... Debit Cash, Credit Accounts Receivable Yes, the transactions are correct. No, the transactions are not correct. A farmer makes a cash payment against a term loan that bears interest. Is 25 points the following set of transactions correct? ... Credit Cash, Credit Loans Payable, Debit Interest Expense Yes, the transactions are correct. No, the transactions are not correct. 25 points A farmer makes a cash payment for fuel received on account. Is the following set of transactions correct? ... Credit Cash, Debit Accounts Payable Yes, the transactions are correct. O No, the transactions are not correct

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