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TRANSACTION ANALYSIS: Mima Inc. has been in operation for two years. Below find description of activities that occurred during Y8. You might find it helpful to prepare journal entry for each transaction. Transaction 1A-November 20, Y8: Mima sold 10 items of merchandise to Customer A at an invoice price of $2,000 ($200 per item); terms 5/15, n/30. Q25. Indicate the account title to be debited by $2,000 A. Acct Receivable B. Cash C. Cost of Sales D. Sales Revenue E. Unearned Revenue 026. Indicate the account title to be credited by $2,000. A. Acct Receivable B. Cash C. Inventory D. Sales Revenue E. Uncarned Revenue Transaction IB November 20. Y8: The cost of merchandise sold in the Transaction IA was $1,200 027. Indicate the account title to be debited by $1,200. A. Cash B. Cost of Sales C. Inventory D. Retained Earnings E. None Q28. Indicate the account title to be credited by $1,200. A. Cash B. Cost of Sales C. Inventory D. Retained Earnings E. None Transaction 1C- December 10, Y8: Customer A paid for the items purchased on November 20 Y8. Q29. What was the amount of the payment? A. $2,100 B. $2,000 C.$1,900 D. $1,260 E. $1,200 Q30. Indicate the account title to be debited on Mima's books. A. Acct Receivable B. Cash C. Inventory D. Unearned Revenues E. Sales Revenue Q31. Indicate the account title to be credited on Mima's books. A. Acct Receivable B. Cash C. Inventory D. Unearned Revenues E. Sales Revenue

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