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Author Question: The balance sheet shows the revenues and expenses for the period. Indicate whether the statement ... (Read 73 times)

bobbie

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on: Jul 5, 2018
The balance sheet shows the revenues and expenses for the period.
 
  Indicate whether the statement is true or false

Question 2

Merchandise with a sales price of 5,000 is sold on account with terms 2/10, n/30 . The journal entry to record the sale would include a
 a. debit to Cash for 5,000
  b. debit to Sales Discounts for 100
  c. credit to Sales for 4,900
  d. debit to Accounts Receivable for 4,880


medine

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Reply #1 on: Jul 5, 2018
Answer to Question 1

FALSE

Answer to Question 2

c


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