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X Company sold merchandise for $10,400 cash. The merchandise had cost the company $9,700. What is the effect of the sale on the balance sheet?

X Company sold merchandise for $10,400 cash. The merchandise had cost the company $9,700. What is the effect of the sale on the balance sheet?

Multiple Choice

  • Retained earnings increases by $700
  • Cash increases by $10,400
  • All of the above
  • Inventory decreases by $9,700

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