Sam Manufacturing, Inc. has the following transaction during a recent period:

• Sold 100 accounting professor action figures at a price of $30 each.

• It cost Batool $20 to manufacture each action figure.

Required:

a. Prepare the journal entry(ies) needed to account for this sale.

b. Indicate the net effect on assets, liabilities, and equity from this transaction (make sure that the accounting equation remains in balance).

Answer rating: 100% (QA)

a b Journal Entries Event a b Particulars Cash Sales To recor... View the full answer