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4vir4ik [10]
3 years ago
5

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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