On March 12th, Company B sold $800 of inventory to a customer for $1,400. The customer paid $400 and promised to pay the difference within 10 days. Based on this transaction, match the account on the left with its appropriate debit or credit entry on the right. Inventory [Choose] Accounts Receivable [Choose] Cash [ Choose ) Cost of Goods Sold [ Choose ] Sales Revenue V[ Choose ] Credit $1,400 This account should not be indcluded in this entry. Debit $1,000 Debit $800 Net Income Credit $800 Debit $400 Debit $1,400

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On March 12th, Company B sold $800 of inventory to a customer for $1,400. The customer paid
$400 and promised to pay the difference within 10 days. Based on this transaction, match the
account on the left with its appropriate debit or credit entry on the right.
Inventory
[ Choose]
Accounts Receivable
[Choose]
Cash
[ Choose]
Cost of Goods Sold
[ Choose ]
Sales Revenue
V[ Choose ]
Credit $1,400
This account should not be indcluded in this entry.
Debit $1,000
Debit $800
Net Income
Credit $800
Debit $400
Debit $1,400
Transcribed Image Text:On March 12th, Company B sold $800 of inventory to a customer for $1,400. The customer paid $400 and promised to pay the difference within 10 days. Based on this transaction, match the account on the left with its appropriate debit or credit entry on the right. Inventory [ Choose] Accounts Receivable [Choose] Cash [ Choose] Cost of Goods Sold [ Choose ] Sales Revenue V[ Choose ] Credit $1,400 This account should not be indcluded in this entry. Debit $1,000 Debit $800 Net Income Credit $800 Debit $400 Debit $1,400
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