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