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X Company sold Y Company merchandise on account FOB shipping point, 2/10, net 30, for $10,000. The cost of the merchandise sold was 86,000. The
X Company sold Y Company merchandise on account FOB shipping point, 2/10, net 30, for $10,000. The cost of the merchandise sold was 86,000. The entries X Company makes to record the sale is: A Accounts Receivable - Y Company, debit 10,000 and Cost of Merchandise Sold, debit 56,000; Cath, credit 10,000 and Accounts Receivable - Y Company credit, $6,000 B. Accounts Receivable - Y Company, debit S9,800 and Cost of Merchandise Sold, debit 86,000; Sales Revenue, credit 89,800 and Merchandise Inventory, credit $6,000 Accounts Receivable - Y Company, debit $10,000 and Merchandise Inventory, debit $6,000, Sales Revenue, credit $10,000 and Cost of Merchandise Sold credit, S6,000 D. Cash, debit 39,800 and Merchandise Inventory, debit 56,000; Sales Revenue, credit 59,800 and Cost of Merchandise Sold, debit 56,000
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