On November 1, 2015, XYZ Farm entered into a contract to buy a $75,000 harvester from JCP Company. The contract required XYZ Farm to pay $75,000 in advance on November 1, 2015. The harvester (cost of $55,000) was delivered on November 30, 2015. The journal entry for JCP Company to record the delivery of the equipment includes a: Select one: O a. credit to Uneamed Sales Revenue for $75,000, O b. credit to Cost of Goods Sold for $55,000. O C. debit to inventory for $55,000 O d. debit to Unearned Sales Revenue for $75,000,
On November 1, 2015, XYZ Farm entered into a contract to buy a $75,000 harvester from JCP Company. The contract required XYZ Farm to pay $75,000 in advance on November 1, 2015. The harvester (cost of $55,000) was delivered on November 30, 2015. The journal entry for JCP Company to record the delivery of the equipment includes a: Select one: O a. credit to Uneamed Sales Revenue for $75,000, O b. credit to Cost of Goods Sold for $55,000. O C. debit to inventory for $55,000 O d. debit to Unearned Sales Revenue for $75,000,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On November 1, 2015, XYZ Farm entered into a contract to buy a $75,000 harvester from JCP Company. The contract required XYZ Farm to pay $75,000 in advance on November 1, 2015. The harvester (cost of $55,000) was delivered on November 30, 2015. The
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