Question: USE THE FOLLOWING FACT S FOR THE QUESTION: A . Debit AR ( assets ) and credit Sales Revenue ( gain ) for $ 1

USE THE FOLLOWING FACT S FOR THE QUESTION:
A. Debit AR (assets) and credit Sales Revenue (gain) for $122,500 AND Debit COGS (expense) and credit Inventory (asset) for $36780
B. Debit AR (assets) and credit Sales Revenue (revenue) for $122,500 AND Debit COGS (expense) and credit Inventory (asset) for $36780
C. Debit cash (assets) and credit Sales Revenue (gain) for $122,500 AND Debit COGS (expense) and credit Inventory (asset) for $36780
D. Debit AR (asset) and credit Sales Revenue (Revenue) for $85720
USE THE FOLLOWING FACT S FOR THE QUESTION: A .

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!