Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Contours, Inc. sold merchandise that cost $6,000 to a customer on account for $9,000 under terms 2/10, n/30. Which of the following shows how
Contours, Inc. sold merchandise that cost $6,000 to a customer on account for $9,000 under terms 2/10, n/30. Which of the following shows how this event will affect a company's financial statements? Balance Sheet Assets = Income Statement Cash Flow Cash + AR + A. NA + 9,000 + Inv. = Liab. + = + Equity N.Sales Exp. = Net Inc. Statement NA + NA + (180) = NA (180) 9,000 9,000 NA NA = 9,000 NA 180 = (180) NA B. 9,000 + + = + NA + NA + (6,000) = NA 9,000 9,000 + (6,000) = 6,000 = 9,000 (6,000) 9,000 OA C. NA + 9,000 + NA = NA + + + (6,000) = 9,000 9,000 + (6,000) NA NA = 9,000 NA 6,000 = (6,000) . + 8,820 + NA = NA + NA + + (6,000) = NA 8,820 + (6,000) 8,820 NA = 8,820 6,000 = (6,000) NA
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started