Illustrate the effects on the accounts and financial statements of recording the following transcations. If no account or activity is affected, select "no effect from the dropdown and leave the corresponding number entry box blank. a. sold merchandise for cash, $107500. The cost of the goods sold was $53,750
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Ответ:
Sale of Merchandise for Cash
Revenue (Shareholders Equity) = Increase $107500
Cash (Asset) = Increase $107500
Liabilities = No Effect
Cost of Goods Sold
Shareholders Equity = Decrease $ 53750
Inventory (Asset) = Decrease $53750
Liabilities = No Effect
Explanation:
Sale of Merchandise for Cash
Recognition of Revenue increases Profit in Income Statement and consequently increases shareholders equity.
Assets of Cash are increasing to depict inflow of economic benefits
Cost of Goods Sold
Cost of Goods sold represent outflow of economic benefits
Assets of Inventory are decreasing
Ответ:
It’s 5000 with the coma
Explanation: I tried this before and it didn’t work as 5,000 it only goes in as 5000 for some reason so just don’t put the coma