Tokyo Motor Company (Tokyo), a Japanese car manufacturer, reported Sales of Products of ¥22,670 billion for the year ended March 31, 2014 . The Cost of Products Sold was ¥18,356 billion. Assume that Tokyo made all sales on credit. Select the correct journal entries that Tokyo made during the fiscal year ended March 31, 2014, related to these transactions. [Tokyo applies U.S. GAAP, and reports
its results in millions of yen (¥).]
a. Accounts Receivable ¥22,670 billion
Inventories ¥22,670 billion
Cost of Goods Sold ¥18,356 billion
Revenues ¥18,356 billion
b. Accounts Receivable ¥18,356 billion
Inventories ¥18,356 billion
Cost of Goods Sold ¥22,670 billion
Revenues ¥22,670 billion
c. Accounts Receivable ¥18,356 billion
Revenues ¥18,356 billion
Cost of Goods Sold ¥22,670 billion
Inventories ¥22,670 billion
d. Accounts Receivable ¥22,670 billion
Revenues ¥22,670 billion
Cost of Goods Sold ¥18,356 billion
Inventories ¥18,356 billion
e. none of the above
D
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Answer the following statements true (T) or false (F)
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A check on which a bank is both the drawer and the drawee is a:
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Indicate whether the statement is true or false