Question 1.

Question 2.

Washington Warehouse is a small retail business that specializes in the sale of top-of-the-line televisions. This year, the store has begun to carry the Flat TV manufactured by Bass Company. Thus far, Washington has recorded the following transactions involving the Flat TV: January 5 Purchased 8 Flat TVs at a unit cost of $1,400 January 18 Purchased 5 additional Flat TVs at $1,400 each February 12 Sold 9 Flat TVs to the Duke Hotel for $15,300 If Washington uses a perpetual inventory system, the two journal entries required to record the sale on February 12 th would include all of the following except: Multiple Choice A debit to the Cost of Goods Sold for $12,600. A credit to Sales Revenue for $15,300. A credit to Purchases for $15,300. A credit to Inventory for $12,600. The bookkeeper for Martin Supply Company made the following journal entry to record a transaction that took place on March 10, Year 2: This transaction involves: Multiple Choice Martin's collection of $30,000 on an account receivable. Payment of $21,000 cash by Martin. A $21,000 overall increase in Martin's assets. Sale of equipment by Martin for $51,000