Gingerbread Corp received an advance cash payment from a customer for 40 gingerbread kits at $10 per kit. Gingerbread Corp is scheduled to deliver the kits in 30 days. What is the correct journal entry to record the sale? a.DR Accounts receivable 400 CR Sales revenue 400 b.DR Cash 400 CR Sales revenue 400 c.DR Cash 400 CR Unearned revenue 400 d.DR Accounts receivable 400 CR Unearned revenue 400
Gingerbread Corp received an advance cash payment from a customer for 40 gingerbread kits at $10 per kit. Gingerbread Corp is scheduled to deliver the kits in 30 days. What is the correct journal entry to record the sale? a.DR Accounts receivable 400 CR Sales revenue 400 b.DR Cash 400 CR Sales revenue 400 c.DR Cash 400 CR Unearned revenue 400 d.DR Accounts receivable 400 CR Unearned revenue 400
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 4MC: A car dealership sells a car to a customer for $35,000. The customer makes a 10% down payment, and...
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12. Gingerbread Corp received an advance cash payment from a customer for 40 gingerbread kits at $10 per kit. Gingerbread Corp is scheduled to deliver the kits in 30 days. What is the correct
a.DR Accounts receivable 400 CR Sales revenue 400
b.DR Cash 400 CR Sales revenue 400
c.DR Cash 400 CR Unearned revenue 400
d.DR Accounts receivable 400 CR Unearned revenue 400
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