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On January 1, 2024, Blake Corp. sells merchandise to Start Company for $200,000. Blake agrees...

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Question

Accounting

On January 1, 2024, Blake Corp. sells merchandise to Start Company for $200,000. Blake agrees to repurchase this merchandise on December 31, 2024 for a price of $220,000. Blakes journal entry on January 1, 2024 includes all of the following except:

a.

debit to Cash for $200,000.

b.

credit to Liability to Start Company for $200,000.

c.

credit to Sales Revenue for $200,000.

d.

Blakes journal entry on January 1, 2024 would include all of the other answer choices.

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