Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help. TIA When a seller sells merchandise inventory) for cash, what journal entry is made by the seller a. Debit Accounts Receivable Credit Sales Revenue

help. TIA image text in transcribed
When a seller sells merchandise inventory) for cash, what journal entry is made by the seller a. Debit Accounts Receivable Credit Sales Revenue b. Debit Sales Revenue, Credit Cash Na Debit Sales Revenue Credit Accounts Receivable d. Debit Cash Credit Sales Revenue At 12/31/21 Attaboy, Inc. inventory indicated a balance of $250,000. It included the following: $16,000 in inventory purchased by Attaboy, Inc. shipped from seller 12/27/21 terms FOB shipping, but not due to be received until 1/2. $10,000 in goods sold by Attaboy, Inc. with terms FOB shipping on 12/27. Goods are not expected to reach destination until 1/6. $9,000 of goods bought by Attaboy, Inc. terms FOB destination that were paid for and shipped on 12/30. The goods did not arrive to Attaboy, Inc s warehouse until 1/3. What is correct ending balance at 12/31/217 Da: $234,000 b. $215,000 c. $240,000 d. $231,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

How does the concept of hegemony relate to culture?

Answered: 1 week ago