The new bookkeeper forgot to record the sale of merchandise that was made to a customer on account with 20% profit. What impact does this have on the company’s books?     Cash is understated/Accounts receivable is understated/Inventory is overstated/Income statement is understated     Accounts receivable is understated/Inventory is understated/Income statement is overstated     Cash is overstated/Inventory is understated/Income statement is overstated     Accounts receivable is understated/Inventory is overstated/Income statement is understated     Cash is understated/Accounts receivable is overstated/Income statement is understated

Need help with accounting ASAP

What post reference number is usually used for a 'bad debt expense' account in a merchandising business? I know expenses are in the 500's but I'm unsure as to where the bad debt expense account should go.

Consider the following transactions for Brighton Drug Store: View the transactions. Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost Brighton Drug Store? ... Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Round the answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.) Jan. 2: Brighton Drug Store purchased $20,300 worth of inventory on account with credit terms of 2/15, n/45, FOB shipping point from Birch Medical Supplies. Date Jan. 2 Accounts Debit Credit Transactions Jan. 2 Jan. 3 Brighton Drug Store purchased $20,300 worth of inventory on account with credit terms of 2/15, n/45, FOB shipping point from Birch Medical Supplies. Brighton Drug Store paid a $160 freight charge. Jan. 8 Brighton Drug Store returned $6,500 of the merchandise due to…