Subject: Accounting

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CoursHeroTranscribedText: A company sold merchandise for $5,600, FOB Destination, terms 1/10,n/30. The cost of the merchandise was $4,100. What is the journal entry to record the sale? Debit Credit O Sales Revenue 5.600 Cash 5,600 Cost of Goods Sold 4.100 Inventory 4,100 Debit Credit Sales Revenue 5,600 Accounts Receivable 5.600 Selling Expenses 4.100 Inventory 4.100 Debit Credit Accounts Receivable 5.600 Sales Revenue 5.600 Cost of Goods Sold 4.100 Inventory 4,100 Debit Credit Sales Revenue 5.600 Cash 5.600 Sales Discounts 4,100 Inventory 4.100

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A company sold merchandise for $5,600, FOB Destination, terms 1/10,n/30. The cost of the merchandise was $4,100. What is the journal entry to record the sale? Sales Revenue Cash Cost of Goods Sold Inventory Sales Revenue Accounts Receivable Selling Expenses Inventory Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Sales Revenue Cash Sales Discounts Inventory Debit 5,600 4,100 Debit 5,600 4,100 Debit 5,600 4,100 Debit 5,600 4,100 Credit 5,600 4,100 Credit 5,600 4,100 Credit 5,600 4,100 Credit 5,600 4,100 A company sold merchandise for $5,600, FOB Destination, terms 1/10,n/30. The cost of the merchandise was $4,100. What is the journal entry to record the sale? Sales Revenue Cash Cost of Goods Sold Inventory Sales Revenue Accounts Receivable Selling Expenses Inventory Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Sales Revenue Cash Sales Discounts Inventory Debit 5,600 4,100 Debit 5,600 4,100 Debit 5,600 4,100 Debit 5,600 4,100 Credit 5,600 4,100 Credit 5,600 4,100 Credit 5,600 4,100 Credit 5,600 4,100

Answer rating: 100% (QA)

Correct Journal Entry for the Sale The correct journal entry for the sale is Debit Accounts Receivab... View the full answer