Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

. Mar Bakery sold 1,500 cakes for the month of December 2020 at RM35 per cake. Out of the total sales made, 70% were paid

. Mar Bakery sold 1,500 cakes for the month of December 2020 at RM35 per cake. Out of the total sales made, 70% were paid in cash and the remaining after two months. Based on the above scenario, identify the journal entries involved? A. Debit sales RM52,500, credit cash RM36,750, credit account payables RM15,750 B. Debit sales RM52,500, credit cash RM36,750, credit account receivables RM15,750 C. Debit cash RM52,500, debit account receivables RM36,750, credit sales RM15,750 D. Debit cash RM36,750, debit account receivables RM15,750, credit sales RM52,500.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Financial Accounting

Authors: David Spiceland, Wayne Thomas, Don Herrmann

4th edition

1259307956, 978-1259307959

Students also viewed these Accounting questions