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3 years ago

How would a sale of $400 of inventory on credit affect the balance sheet if the cost of the inventory sold was $160

Business

1 answer:

dimaraw [331]3 years ago

5 0

Answer:

the journal entries used to record this transaction are:

Dr Accounts receivable 400

Cr Sales revenue 400

Dr Cost of goods sold 160

Cr Inventory 160

This transaction will increase net income, which increases retained earnings by $240. It will also increase assets by $240, since accounts receivable increases by $400, but inventory decreases by $160.

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Good luck with the promotion, here are some ideas for the company!

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3 years ago

On average, how much money is expected to be spent per person for halloween this year?.

valina [46]

This Halloween, it's anticipated that each person would spend, on average, $100.45.

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1 year ago

A higher earnings per share (eps) does not necessarily translate into a higher stock price

nikdorinn [45]

This doesn't seem to be a question, but rather, a statement.

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3 years ago

Diana's editorial business was not growing and she sought ways to expand her client list. She recognized that technology provide

DerKrebs [107]

Answer:

C) knowledge

Explanation:

According to my research on different production factors, I can say that based on the information provided within the question Diana's is using the factor of production known as Knowledge. This can be said because she is learning new ways of growing her business by learning about different territories (technology) in which to expand her business.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

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3 years ago

Warren Company began the accounting period with a $32,000 debit balance in its accounts receivable account. During the accountin

ra1l [238]

Answer:

The answer is : $104,000

Explanation:

First, we have to lay out the particulars, and explain what each of them mean:

debit balance in account receivable = $32,000. This refers to an amount that cusomers owed the company at the beginning of the period.

revenue recorded = $88,000. This refers to the total sales made by the company.

At the end of the period, we are told that the account receivable contained a balance of $16,000

Therefore it means that after all the payments (both balance from previous period and sales transactions) have been made in cash, the amount which the customers owed the company = $16,000.

Hence the cash collected is calculated as follows

(debit balance at beginning + revenue) - debit balance at the end = cash collected

(32,000 + 88,000) - 16,000 = cash collected

120,000 - 16,000 = cash collected

cash collected = $104,000

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3 years ago