Question

You are given the following information for Thrice Corp.: Decrease in inventory $ 590 Decrease in accounts payable 245 Increase in notes payable 230 Increase in accounts receivable 260

Answer 1

Answer:

Thrice Corp.:

1) Decrease in inventory $ 590

Debit in of solds $590

Credit in Inventory $590

2) Decrease in accounts payable

Debit in Accounts payable $245

Credit in cash or equivalents $245

3) Increase in notes payable 230

Debit in Expenses. $230

Credit in Notes payables. $230

4) Increase in accounts receivable 260

Debit Account receivable. $260

Credit Income. $260