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On March 10, 2021, Test Company sold merchandise costing $8,000 on account for $9,600 and recorded the following entries. 3/10/2021 9,600 9,600 Accounts receivable
On March 10, 2021, Test Company sold merchandise costing $8,000 on account for $9,600 and recorded the following entries. 3/10/2021 9,600 9,600 Accounts receivable Sales Cost of goods sold Inventory 3/10/2021 8,000 8,000 Which element of the financial statements is accounts receivable? Explain your answer.
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ANSWER Elements of the financial statements include Assets Liabilities Equity Income Expenses The first three elements relate to the statement of fina...
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
10th Edition
1119491630, 978-1119491637, 978-0470534793
