Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How do you journalize the following transaction? Sold its inventory to a customer for $3,500 on account. The cost of inventory was $500 for the

image text in transcribed
How do you journalize the following transaction? Sold its inventory to a customer for $3,500 on account. The cost of inventory was $500 for the business. O a A/R Cash CGS 500 3,000 500 Revenue Inventory 3,500 500 Ob A/R CGS 3,500 500 Revenue Inventory 3,500 500 O c Inventory Cash 500 3,000 Revenue 3,500 3,500 O d. A/R 3,500 Revenue Inventory 500 CGS 500

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_2

Step: 3

blur-text-image_3

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

Fundamental Accounting Principles

Authors: Kermit D. Larson, John J Wild, Barbara Chiappetta

17th Edition

0072946601, 9780072946604

More Books

Students also viewed these Accounting questions