Illustrate the effects on the accounts and financial statements of recording the following transactions: a. Sold merchandise
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a. Sold merchandise for cash, $18,500. The cost of the merchandise sold was $11,000.
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, $115,200. The cost of the merchandise sold was $70,000.
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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