Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. choose the correct answer please no need to explai

Choose the correct answer please no need to explain it On March 1, 2018,...

80.2K

Verified Solution

Question

Accounting

image Choose the correct answer please no need to explain it
On March 1, 2018, Cheng Company enters into a contract to sale a product to MRH on July 31, 2018. The contract is structured so that MRH is required to pay the full contract price of $50,000 on August 31, 2018. The cost of the goods transferred is $30,000. Cheng delivers the product to MRH on July 31, 2018. The journal entry to record the sale on July 31, 2018 is: Debit: Accounts Receivable 50,000 Credit: Sales Revenues 50,000 Debit: Cash 50,000/ Credit: Sales Revenues 50,000 OA od Debit: Cash 50,000 Credit: Unearned Revenues 50,000 OD Debit: Cost of goods sold 30,000/ Credit: Inventory 30,000

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