Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. abc sells merchandise to their customer, xyz. the

ABC sells merchandise to their customer, xYZ. The sales price is $500. ABC's cost is...

80.2K

Verified Solution

Question

Accounting

ABC sells merchandise to their customer, xYZ. The sales price is $500. ABC's cost is $200. The sale is on account. The terms are net 30. What account should be debited in the first part of the journal entry?
Accounts receivable
Cash
Sales revenues
Inventory
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

Prove that Inter energy is Independent of the path

Chemistry
1.2K views

(PH2)(PN2)/(PNH3) Be sure to answer all parts. Write the KP expression for the following reaction: N2(g) + 3H2(g) ⇌ 2NH3(g) Use...

Mechanical Engineering
1.2K views

A jet of water 50 mm in diameter with a velocity of 20 m/s strikes a...

Accounting
1.2K views

Tony and Suzie graduate from college in May 2018 and begin developing their new business. They...

Biology
1.2K views

Which of the following is a civic duty O voting O joining the military serving...

Algebra
1.2K views

e 2 pts it passes through the point 1 2 and it s parallel to...

Accounting
1.2K views

1. 2. Exercise...

Accounting
1.2K views

3. Which marketing metrics would be most helpful for an executive in charge of developing...

Accounting
1.2K views

There is a total of 20 Adjusted Trial Balance entrys ...

Accounting
1.2K views

Required information Skip to question [The following information applies to the questions displayed below.] Sye...

Accounting
1.2K views

Please prepare correct journal entry for January 7, 2025 with explanation. Amalgamated General...

Finance
1.2K views

NAB.AX is trading at $26 with a volatility of 25 percent. Consider a call option...