Does the entry below look correct for the following line item? The Grocery Store bought $400,000 of cookies on account. Mr. Burns was still angry that his casino got shutdown so there were no discount terms. The cost of the inventory was $200,000 1-May Accounts Receivable- Grocery Store $ 400,000 Sales Revenue $ 400,000 Cost of Goods Sold $ 200,000 Inventory- cookie dough $ 200,000
Does the entry below look correct for the following line item? The Grocery Store bought $400,000 of cookies on account. Mr. Burns was still angry that his casino got shutdown so there were no discount terms. The cost of the inventory was $200,000 1-May Accounts Receivable- Grocery Store $ 400,000 Sales Revenue $ 400,000 Cost of Goods Sold $ 200,000 Inventory- cookie dough $ 200,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Does the entry below look correct for the following line item?
The Grocery Store bought $400,000 of cookies on account. Mr. Burns was still angry that his casino got shutdown so there were no discount terms. The cost of the inventory was $200,000
| 1-May | $ 400,000 | |||
| Sales Revenue | $ 400,000 | |||
| Cost of Goods Sold | $ 200,000 | |||
| Inventory- cookie dough | $ 200,000 |
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