On November 2, 2022, Crane Company has cash sales of $6040 from merchandise having a cost of $3540. The entries to record the day's cash sales will include:- a $3540 credit to Cost of Goods Sold.- a $6040 debit to Accounts Receivable.- a $3540 credit to Inventory.- a $6040 credit to Cash.Options to save or submit:- Save for Later- Submit AnswerAttempts: 0 of 1 used.

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Description: On November 2, 2022, Crane Company has cash sales of $6040 from merchandise having a cost of $3540. The entries to record the day's cash sales will include:- a $3540 credit to Cost of Goods Sold.- a $6040 debit to Accounts Receivable.- a $3540 credi

Cash sales refers to those sales that are made in cash , or by credit cards or by a cheque. When a…

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Accounting

On November 2, 2022, Crane Company has cash sales of $6040 from merchandise having a cost of $3540. The entries to record the day's cash sales will include: O a $3540 credit to Cost of Goods Sold. O a $6040 debit to Accounts Receivable. O a $3540 credit to Inventory. O a $6040 credit to Cash.

On November 2, 2022, Crane Company has cash sales of $6040 from merchandise having a cost of $3540. The entries to record the day's cash sales will include: O a $3540 credit to Cost of Goods Sold. O a $6040 debit to Accounts Receivable. O a $3540 credit to Inventory. O a $6040 credit to Cash.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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On November 2, 2022, Crane Company has cash sales of $6040 from merchandise having a cost of $3540. The entries to record the day's cash sales will include:

- a $3540 credit to Cost of Goods Sold.
- a $6040 debit to Accounts Receivable.
- a $3540 credit to Inventory.
- a $6040 credit to Cash.

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