Question: How do I record transaction sell inventory for $3000 on credit in term of Debit and Credit?

How do I record transaction "sell inventory for $3000 on credit" in term of Debit and Credit?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

A B C D E F G H J K L M N 1 Record the effect of each of the following transactions using the financial statement effect template provided. 2 Input Cell 0 3 4 Balance Sheet Income Statement 5...

Q:

Financial Statement Effects Template Balance Sheet Income Statement tarnea Casn Asset Noncasn Assets + Liabil ities Transaction = contri Capital + Net Income + Capital Revenues Expenses = 1. Receive...

Q:

Which of the following is a correct journal entry to record transaction #2? Debit: Attorney's Fees $200: Credit: Accounts Payable $200 Debit: Accounts Payable $200; Credit: Attorney's Fees $200...

Q:

What is the double entry to record transaction (i)? A DEBIT Other expenses $100 CREDIT Bank $100 B DEBIT Other expenses $100 CREDIT Trade payables $100 C DEBIT Purchases $100 CREDIT Trade payables...

Q:

SECTION A First Cup Ltd., a Canadian coffee retailer and roaster which operates more than 1,000 cafes in Canada, reported the following balances as at December 31, 2019: 7% Par $100 convertible...

Q:

2. Purchase $2,000 of inventory on credit. 3. Sell inventory for $3,000 on credit. 5. Collect $3,000 cash from transaction 3 8. Pay $5,000 on a note payable that came due General Journal General...

Q:

CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION6 Not yet answered Marked out of 10.00 P Flag question Recording Transactions Using Journal Entries and T-Accounts a. Prepare journal entries for each...

Q:

I need help with some inventory questions so I can study for a final. Question 1 BaCo Company opens its business in 20X1 and purchases merchandise on account for $88,000. In 20X2, BaCo pays $67,000...

Q:

Please make sure you answer all of the question and make sure they are correct. Mastering Inventory Thank You. Question 1 BaCo Company opens its business in 20X1 and purchases merchandise on account...

Q:

PLEASE HELP ME TO SOVLE THAT PROBLEM THANKS! Financial Statement Effects Template Balance Sheet Income Statement Cash Asset Noncash Assets Liabil ities Contrib. Capital Earned Capital Net Income +...

Q:

John Sasson and Emily Springer met in January 2002. John worked for the U.S. Army as an engineer. Emily was an attorney with a law firm. Six months later, John bought a townhouse in Randolph, New...

Q:

Write an essay in which you address the following: A decade ago the idea that medical procedures might move offshore was unthinkable. Today it is a reality. What trends have facilitated this process?...

Q:

11.66 Show the necessary steps in converting the equation r = b 1 s/ Sx x to the equivalent form t = r n2 1r 2 .

Q:

The project _ _ _ _ _ answers the questions of what, when, how much, and at times where.

Q:

Explain the reasons for the controversy over executive pay. page 482

Q:

Describe new developments in the design of pay structures. page 475

Q:

Describe the regulatory framework for employee compensation. page 483