Tom's Eye Associates purchases 100 pairs of eye glasses for sale for $2,000 ($20 each) on credit. They sell one pair to a customer for $100 the next days.

Record the purchase of the glasses
Record the sale of the one pair of glasses
Is there net income from the sale of the glasses and if so what is it?

Answer rating: 100% (QA)

To record the purchase of the glasses Inventory 2000 Accounts Payable 2000 Thi... View the full answer