Question 7Sale made on account for $10,000 included inventory with a cost of $8800. The journal entry(ies) to record the transaction above isAccount TitlesCashSales RevenueCost of Goods SoldInventoryAccount TitlesCashSales RevenueInventoryCost of Goods SoldAccount TitlesAccounts ReceivableSales RevenueCost of Goods SoldInventoryAccount TitlesAccounts ReceivableInventoryDebit10,000Debit10,000Debit8800Debit880010,000880010,000Credit10,0008800Credit10,0008800Credit10,000Credit880010.000

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Sale made on account for $10,000 included inventory with a cost of $8800. The journal entry(ies) to record the transaction abc O Account Titles Cash Sales Revenue Cost of Goods Sold Inventory Account Titles Cash Sales Revenue Inventory Cost of Goods Sold Debit Cost of Goods Sold Inventory 10,000 Debit 8800 10,000 Debit 8800 Account Titles Accounts Receivable 10,000 Sales Revenue 8800 Credit 10,000 8800 Credit 10,000 8800 Credit 10,000 8800

Sale made on account for $10,000 included inventory with a cost of $8800. The journal entry(ies) to record the transaction abc O Account Titles Cash Sales Revenue Cost of Goods Sold Inventory Account Titles Cash Sales Revenue Inventory Cost of Goods Sold Debit Cost of Goods Sold Inventory 10,000 Debit 8800 10,000 Debit 8800 Account Titles Accounts Receivable 10,000 Sales Revenue 8800 Credit 10,000 8800 Credit 10,000 8800 Credit 10,000 8800

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 5PB: Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating,...

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