Multiple Choice
What is the effect on the statement of financial position when the business has cash sales of $15,000 of goods that were originally purchased for $10,000?
A) Increase asset bank $12,000; increase equity $12,000.
B) Increase asset bank $15,000; decrease asset inventory $10,000; increase equity $5,000.
C) Increase asset bank $4,000; increase equity $4,000.
D) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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