Question
Pride sold inventory on account to a customer for $1,200. Pride originally paid $650 for the products. What should be included in Pride's journal entry
Pride sold inventory on account to a customer for $1,200. Pride originally paid $650 for the products. What should be included in Pride's journal entry to record this transaction?
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Credit cost of goods sold for $650
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Credit revenue for $1,200
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Credit inventory for $1,200
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Debit cash for $1,200
Which transaction would be reported as a cash inflow in the financing section of the statement of cash flows?
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A company's shareholders contributed cash to the company in exchange for common stock.
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A company purchased treasury stock.
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A company sold a piece of equipment.
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A company repaid a note payable to the bank.
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Below are the subtotals from the December 31, 2019 statements of cash flows from Jamison Company and Adams Company. Which company has a stronger statement of cash flows?
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Jamison Company
Adams Company
Operating activities
$37,800
$1,250
Investing activities
(6,250)
4,900
Financing activities
(9,910)
15,490
Net change in cash
$21,640
$21,640
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