Question
Company: Apple Inc. Transaction: Sold merchandise for $50,000 cash, which cost $30,000. Requirements: a. Prepare the journal entry to record the sale. b. Calculate the
Company: Apple Inc. Transaction: Sold merchandise for $50,000 cash, which cost $30,000. Requirements: a. Prepare the journal entry to record the sale. b. Calculate the gross profit for the sale. c. Record the cost of goods sold. d. Prepare the closing entry for the revenue account. e. Calculate the net income for the period.
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
11th Canadian edition Volume 1
1119048532, 978-1119048534
