Java Coffee sold merchandise inventory costing $2,000 for $3,500 in cash. As the accountant, you would tell the bookkeeper to: a) debit Cash for $3,500, credit Sales for $2,500, and credit Merchandise Inventory for $2,000 debit Cash for $3,500, debit Cost of Goods Sold for $2,000, credit Sales for O b) $3,500, and credit Merchandise Inventory for $2,000 Oc) debit Cash for $3,500, debit Merchandise Inventory for $2,000, credit Sales for $3,500, and credit Cost of Goods Sold for $2,000

Java Coffee sold merchandise inventory costing $2,000 for $3,500 in cash. As the accountant, you would tell the bookkeeper to: a) debit Cash for $3,500, credit Sales for $2,500, and credit Merchandise Inventory for $2,000 debit Cash for $3,500, debit Cost of Goods Sold for $2,000, credit Sales for O b) $3,500, and credit Merchandise Inventory for $2,000 Oc) debit Cash for $3,500, debit Merchandise Inventory for $2,000, credit Sales for $3,500, and credit Cost of Goods Sold for $2,000

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Description: Java Coffee sold merchandise inventory costing $2,000 for $3,500 in cash. As theaccountant, you would tell the bookkeeper to:a)debit Cash for $3,500, credit Sales for $2,500, and credit MerchandiseInventory for $2,000debit Cash for $3,500, debit Cos

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The entry to record the sale of $20,000 of merchandise on account with cost of $14,000, would include: a. credit to accounts receivable for $14,000 b. debit to accounts receivable for $20,000 c. debit to cost of goods sold for $20,000 d. credit to inventory for $20,000
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Meman
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