Illustrate the effects on the accounts and financial statements of recording the following transactions: a.) Sold merchandise

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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.


Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Survey Of Accounting

ISBN: 9780357132593

9th Edition

Authors: Carl S. Warren, Amanda Farmer

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