na Sharples opened a retail shop on January 1.  She invested $10,000 of her own money.  She rented a store for $2,000 per month, paying first and last month’s rent on January 1.  She bought store fittings for $5,000 in cash.  She bought goods for resale at a cost of $10,000, on credit, payable on February 15.  She incurred other expenses of $1,000 in January, all of which were paid for in cash.  Her cash sales were $15,000, and she also sold $2,000 on credit, which she expects to collect by the end of February.  At the end of January her inventory had a cost of $3,000.  Amortization on the store fittings is estimated at $100 for the month. The sales revenue recognized in January was?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Ena Sharples opened a retail shop on January 1.  She invested $10,000 of her own money.  She rented a store for $2,000 per month, paying first and last month’s rent on January 1.  She bought store fittings for $5,000 in cash.  She bought goods for resale at a cost of $10,000, on credit, payable on February 15.  She incurred other expenses of $1,000 in January, all of which were paid for in cash.  Her cash sales were $15,000, and she also sold $2,000 on credit, which she expects to collect by the end of February.  At the end of January her inventory had a cost of $3,000.  Amortization on the store fittings is estimated at $100 for the month. The sales revenue recognized in January was?

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