Question
Tokyo Motor Company (Tokyo), a Japanese car manufacturer, reported Sales of Products of 22,670 billion for the year ended March 31, 2021. The Cost of
Tokyo Motor Company (Tokyo), a Japanese car manufacturer, reported Sales of Products of 22,670 billion for the year ended March 31, 2021. The Cost of Products Sold was 18,356 billion. Assume that Tokyo made all sales on credit. Select the correct journal entries that Tokyo made during the fiscal year ended March 31, 2021, related to these transactions.
a. Accounts Receivable 22,670 billion Inventories 22,670 billion Cost of Goods Sold 18,356 billion Revenues 18,356 billion
b. Accounts Receivable 18,356 billion Inventories 18,356 billion Cost of Goods Sold 22,670 billion Revenues 22,670 billion
c. Accounts Receivable 18,356 billion Revenues 18,356 billion Cost of Goods Sold 22,670 billion Inventories 22,670 billion
d. Accounts Receivable 22,670 billion Revenues 22,670 billion Cost of Goods Sold 18,356 billion Inventories 18,356 billion
e. none of the above
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