The following journal entry was included in the accounting records of Spica, Inc. Oct. 15 Accounts...
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The following journal entry was included in the accounting records of Spica, Inc. Oct. 15 Accounts Payable 4,000 Inventory 40 Cash 3,960 Based on this information, it is likely that Spica: O a. purchased inventory for cash. O b. sold inventory for cash. Oc. collected cash for invenry sold on credit, and recognized a 1% sales discount. O d. paid for inventory purchased on credit, and took advantage of a 1% purchase discount. The following journal entry was included in the accounting records of Spica, Inc. Oct. 15 Accounts Payable 4,000 Inventory 40 Cash 3,960 Based on this information, it is likely that Spica: O a. purchased inventory for cash. O b. sold inventory for cash. Oc. collected cash for invenry sold on credit, and recognized a 1% sales discount. O d. paid for inventory purchased on credit, and took advantage of a 1% purchase discount.
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fa Coudit pachases Account means paid Carh payable debided Inventoy Ca... View the full answer
Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
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