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HaydenH01 HaydenH01
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5 years ago
Able sells a piece of equipment to Smythe for $2900 on August 1. The equipment cost $1100. The equipment is picked up by Smythe on August 10. How is this transaction accounted for under a periodic system of inventory?

A)
Sales Revenue1100
             Accounts  Receivable1100

B)
Accounts Receivable2900
             Sales Revenue2900

C)
Sales Revenue2900
             Accounts  Receivable2900

D)
Accounts Receivable1100
             Sales Revenue1100
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
Authors:
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alejomm21alejomm21
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5 years ago
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HaydenH01 Author
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#2
5 years ago
I wanna give this person a hug.
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