This topic contains a solution. Click here to go to the answer

Author Question: On June 8, 2011, T's, Inc. sold merchandise for 3,000 on account. The merchandise originally cost ... (Read 235 times)

rlane42

  • Hero Member
  • *****
  • Posts: 594
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
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
Great answer, keep it coming :)


miss_1456@hotmail.com

  • Member
  • Posts: 289
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

Over time, chronic hepatitis B virus and hepatitis C virus infections can progress to advanced liver disease, liver failure, and hepatocellular carcinoma. Unlike other forms, more than 80% of hepatitis C infections become chronic and lead to liver disease. When combined with hepatitis B, hepatitis C now accounts for 75% percent of all cases of liver disease around the world. Liver failure caused by hepatitis C is now leading cause of liver transplants in the United States.

Did you know?

Illicit drug use costs the United States approximately $181 billion every year.

Did you know?

By definition, when a medication is administered intravenously, its bioavailability is 100%.

Did you know?

When blood is exposed to air, it clots. Heparin allows the blood to come in direct contact with air without clotting.

Did you know?

Chronic necrotizing aspergillosis has a slowly progressive process that, unlike invasive aspergillosis, does not spread to other organ systems or the blood vessels. It most often affects middle-aged and elderly individuals, spreading to surrounding tissue in the lungs. The disease often does not respond to conventionally successful treatments, and requires individualized therapies in order to keep it from becoming life-threatening.

For a complete list of videos, visit our video library