This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: On June 8, 2011, T's, Inc. sold merchandise for 3,000 on account. The merchandise originally cost ... (Read 166 times)

rlane42

  • Hero Member
  • *****
  • Posts: 594
on: Jul 5, 2018
On June 8, 2011, T's, Inc. sold merchandise for 3,000 on account. The merchandise originally cost T's, Inc. 2,000. Record (a) the sale and (b) the cost of the sale in the T-accounts below.
 
  What will be an ideal response?

Question 2

(Appendix) Business transactions can be classified as
 a. operating, investing, and accounting.
   b. operating, financing, and lending.
   c. operating, investing, and financing.
   d. operating, lending, and borrowing.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

firehawk60

  • Sr. Member
  • ****
  • Posts: 315
Reply #1 on: Jul 5, 2018
Answer to Question 1

Accounts receivable
(a) 3,000

Inventory
2,000(b)

Sales (revenue)
3,000(a)

Cost of Goods Sold
(b) 2,000

Answer to Question 2

c


rlane42

  • Member
  • Posts: 594
Reply 2 on: Jul 5, 2018
Excellent

kthug

  • Member
  • Posts: 332
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

During the twentieth century, a variant of the metric system was used in Russia and France in which the base unit of mass was the tonne. Instead of kilograms, this system used millitonnes (mt).

Did you know?

Multiple sclerosis is a condition wherein the body's nervous system is weakened by an autoimmune reaction that attacks the myelin sheaths of neurons.

Did you know?

Amoebae are the simplest type of protozoans, and are characterized by a feeding and dividing trophozoite stage that moves by temporary extensions called pseudopodia or false feet.

Did you know?

Prostaglandins were first isolated from human semen in Sweden in the 1930s. They were so named because the researcher thought that they came from the prostate gland. In fact, prostaglandins exist and are synthesized in almost every cell of the body.

Did you know?

Addicts to opiates often avoid treatment because they are afraid of withdrawal. Though unpleasant, with proper management, withdrawal is rarely fatal and passes relatively quickly.

The joint commission 2011 The joint commission 2011
The Land Ordinance of 1785 called for surveying and dividing the Western Territories into square mil The Land Ordinance of 1785 called for surveying and dividing the Western Territories into square mil
George Bellows, A Day in June. George Bellows, A Day in June.
Typical Startup Cost Categories Cont. Typical Startup Cost Categories Cont.
June 13 2023 June 13 2023
14 June 2023 14 June 2023
Video: Cardiac Cycle (Part 2 of 4)

For a complete list of videos, visit our video library