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Anderson Furniture sold 15 desks, with a cost of $5,500, for $12,250 on account. Anderson uses the ...

H3Ko

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Anderson Furniture sold 15 desks, with a cost of $5,500, for $12,250 on account. Anderson uses the ...

Anderson Furniture sold 15 desks, with a cost of $5,500, for $12,250 on account. Anderson uses the periodic inventory system. Which of the following is the correct way to record this transaction?

A) Accounts Receivable   12,250
Sales Revenue   12,250

B) Sales Revenue   12,250
Accounts Receivable   12,250

C) Accounts Receivable   12,250
Sales Revenue   12,250
Cost of Goods Sold   5,500
Merchandise Inventory   5,500

D) Accounts Receivable   12,250
Sales Revenue   12,250
Purchases   5,500
Merchandise Inventory   5,500

Textbook

Horngren's Financial & Managerial Accounting, The Financial Chapters

Edition: 5^th

Authors: Miller-Nobles, Mattison, Matsumura

Read 338 times

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Mrgo-breed

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H3Ko Author

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7 years ago

I posted this question a while back then forgot to check the forum lol Thanks for answering, you were right

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teemarie7

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Mrgo-breed

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7 years ago

Happy to help Smiling Face with Open Mouth

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E C.

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4 years ago

Thanks

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