Mad Hatters, Inc. sells 160 hats for $13.00 each. The buyer, Alice, pays one half...
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Accounting
Mad Hatters, Inc. sells 160 hats for $13.00 each. The buyer, Alice, pays one half in cash and one half on account. Mad Hatters, Inc. originally purchased the hats for $7.00 each one month ago.
In the Journal entry to record the transaction, what amount would Mad Hatters, Inc. record for the Cost of Goods Sold?
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