On October 1, Robertson Company sold inventory in the amount of $5,800 to Alberta, Inc. with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robertson uses a periodic inventory system. The journal entry (or entries) prepared by Robertson on October 1 is(are):
A. Debit Sales Revenue and credit Accounts Receivable for $5,800.
B. Debit Accounts Receivable and credit Sales Revenue for $5,800.
C. Debit Sales Revenue and credit Accounts Receivable for $5,800; debit Cost of Goods Sold and credit Inventory for $4,000.
D. Debit Accounts Receivable and credit Sales Revenue for $5,800; Debit Cost of Goods Sold and credit Inventory for $4,000.
Answer: B
You might also like to view...
Suppose business firms collectively become pessimistic about prospects for future profits because of continued worries about terrorism. Explain how this would affect investment, aggregate demand, output, and the price level in the short run and the long run.
What will be an ideal response?
Describe EEOC's guidelines on sexual harassment.
What will be an ideal response?
________ is a type of data collection in which the researcher simply records the consumer's behaviors
A) Mall intercept B) Observation C) Survey D) Focus group E) Neuromarketing
Because spoken communication is more difficult to process than written communication, complex, lengthy sentences that are acceptable for written documents are NOT effective in a presentation
Indicate whether the statement is true or false