Question
Nelson Company sold inventory that cost $50 for a price of $120. Of this $120 amount, the company received $40 in cash; the remaining $80
Nelson Company sold inventory that cost $50 for a price of $120. Of this $120 amount, the company received $40 in cash; the remaining $80 was put on the customers account.
Which ONE of the following would be included in the journal entries necessary to record this sale of inventory for $120?
CREDIT to Sales for $80
CREDIT to Sales for $40
CREDIT to Sales for $90
CREDIT to Sales for $50
CREDIT to Sales for $120
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Managerial Accounting Principles Of Accounting II
Authors: Eric W. Noreen, Peter C. Brewer, Ray H. Garrison
6th Edition
0077681258, 978-0077681258
