Nashville Blanket Co. buys and sells blankets. They employ the weighted average method. At the beginning...

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Nashville Blanket Co. buys and sells blankets. They employ the weighted average method. At the beginning of the year, Nashville Blanket Co. had 98 blankets which had been purchased at $30 per blanket. On March 13th, Nashville Blanket Co. bought 50 blankets for $40 per blanket. On August 2nd, Nashville Blanket Co. sold 112 blankets for $80 per blanket in cash. On December 16th, Nashville Blanket Co. bought 60 blankets for $45 per blanket. How are the following accounts effected on August 2nd? 1. Debit $8,960 Accounts Receivable 2. Credit $8,960 3. Debit $3,860 Revenue 4. Credit $3,860 Cost of Goods Sold 5. Debit $3,738 Accounts Payable 6. Credit $3,738 Inventory 7. Debit $3,500 8. Credit $3,500 > Cash 9. No Effect Nashville Blanket Co. buys and sells blankets. They employ the weighted average method. At the beginning of the year, Nashville Blanket Co. had 98 blankets which had been purchased at $30 per blanket. On March 13th, Nashville Blanket Co. bought 50 blankets for $40 per blanket. On August 2nd, Nashville Blanket Co. sold 112 blankets for $80 per blanket in cash. On December 16th, Nashville Blanket Co. bought 60 blankets for $45 per blanket. How are the following accounts effected on August 2nd? 1. Debit $8,960 Accounts Receivable 2. Credit $8,960 3. Debit $3,860 Revenue 4. Credit $3,860 Cost of Goods Sold 5. Debit $3,738 Accounts Payable 6. Credit $3,738 Inventory 7. Debit $3,500 8. Credit $3,500 > Cash 9. No Effect

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Effect on Accounts on August 2nd is gi... View the full answer