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leva [86]
3 years ago
6

Able sells and delivers a piece of equipment to Smythe for​ $2,000 on August 1 and the equipment cost​ $1,300. The sale is a cre

dit sale. How is this transaction accounted for under a periodic system of​ inventory?
Business
1 answer:
guapka [62]3 years ago
7 0

Answer:

Debit entry - Accounts Receivables - $2,000

Credit entry - Sales - $2000

Explanation:

Due to the fact that it is a credit sale, it means that the cash would be obtained at a future date in time. Hence, until then, Mr Smythe is indebted to Able as he is a debtor. Once he pays what he owes to Able and the cash has been received, Accounts receivables would be credited with $2000 and cash would be debited with $2000.

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Answer:

$300 million

Explanation:

Data provided in the question

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8 0
3 years ago
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Answer:

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4 years ago
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3 years ago
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sergeinik [125]

Answer:

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