Your Company sold $4,500 of inventory for $9,000 on account. Your customer paid its bill on day 5. The entry that record the payment is an asset exchange an asset use O a claims exchange an asset source

Your Company sold $4,500 of inventory for $9,000 on account. Your customer paid its bill on day 5. The entry that record the payment is an asset exchange an asset use O a claims exchange an asset source

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Your Company sold $4,500 of inventory for $9,000 on account. Your customer paid its
bill on day 5. The entry that record the payment is
an asset exchange
an asset use
O a claims exchange
an asset source

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