A firm just made a $1,000,000.00 sale to a retail chain. The retail chain will pay 50.00% in cash today, and then pay the remainder in 30 days (a receivable for the firm). The firm fills the sale with $400,000.00 in inventory. Consider how an accountant will handle this transaction.

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When a firm makes a sale it is recorded as revenue in the income statement In this case the firm mad... View the full answer