Question

Illustrate the effects on the accounts and financial statements of recording the following transactions:
a.) Sold merchandise for cash, $23,500. The cost of the merchandise sold was $14,000.
b.) Sold merchandise on account, $12,000. The cost of the merchandise sold was $7,200.
c.) Sold merchandise to customers who used MasterCard and VISA, $190,000. The cost of the merchandise sold was $115,000.



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  • CreatedAugust 26, 2013
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