Multiple Choice
What is the effect on the balance sheet when the business has cash sales of $12,000 of goods that were originally purchased for $8,000?
A) increase the asset Bank by $12,000; increase equity by $12,000
B) increase the asset Bank by $4,000; increase equity by $4,000
C) increase the asset Bank by $12,000, decrease the asset Inventory by $8,000; increase equity by $4,000
D) none of the above
Correct Answer:
Verified
Correct Answer:
Verified
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