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H3Ko H3Ko
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7 years ago
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

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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Mrgo-breedMrgo-breed
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7 years ago
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H3Ko Author
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#2
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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#3
7 years ago
Happy to help Smiling Face with Open Mouth
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#4
4 years ago
Thanks
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