Avila Co. sold $10,000 of merchandise to Beasley Corp. on account with terms of 1/10, n/30. The merchandise cost Avila $8,200. What is the entry to record the sale on Avila's books? Debit Accounts Receivable for $10,000; Credit Sales for $10,000; Debit Cost of Goods Sold for $8,200; Credit Inventory for $8,200 Debit Accounts Receivable for $10,000; Credit Inventory for $8,200; Credit Sales for $1,800 Debit Sales for $10,000; Credit Accounts Receivable for $10,000; Debit Inventory for $8,200; Credit Cost of Goods Sold for $8,200 Debit Sales for $9,900; Credit Accounts Receivable for $9,900; Debit Cost of Goods Sold for $8,200; Credit Inventory for $8,200
Avila Co. sold $10,000 of merchandise to Beasley Corp. on account with terms of 1/10, n/30. The merchandise cost Avila $8,200. What is the entry to record the sale on Avila's books? Debit Accounts Receivable for $10,000; Credit Sales for $10,000; Debit Cost of Goods Sold for $8,200; Credit Inventory for $8,200 Debit Accounts Receivable for $10,000; Credit Inventory for $8,200; Credit Sales for $1,800 Debit Sales for $10,000; Credit Accounts Receivable for $10,000; Debit Inventory for $8,200; Credit Cost of Goods Sold for $8,200 Debit Sales for $9,900; Credit Accounts Receivable for $9,900; Debit Cost of Goods Sold for $8,200; Credit Inventory for $8,200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Avila Co. sold $10,000 of merchandise to Beasley Corp. on account with terms of 1/10, n/30. The merchandise cost Avila $8,200. What is the entry to record the sale on Avila's books?
Debit Accounts Receivable for $10,000; Credit Sales for $10,000; Debit Cost of Goods Sold for $8,200; Credit Inventory for $8,200
Debit Accounts Receivable for $10,000; Credit Inventory for $8,200; Credit Sales for $1,800
Debit Sales for $10,000; Credit Accounts Receivable for $10,000; Debit Inventory for $8,200; Credit Cost of Goods Sold for $8,200
Debit Sales for $9,900; Credit Accounts Receivable for $9,900; Debit Cost of Goods Sold for $8,200; Credit Inventory for $8,200
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