64% O 11:55Goods costing $21,000 were sold for$52,000 on account. The entry torecord this transaction would include:A credit to Accounts Receivable$52,000 and a debit to SalesRevenue $52,000A debit to Cost of Goods Sold$21,000 and a credit to FinishedGoods Inventory $21,000A debit to Cost of Goods Sold$52,000 and a credit to FinishedGoods Inventory $52,000None of the aboveTime tickets indicated 8,000 laborhours in the production of Job .115,out of which 1,000 were indirectlabor hours. The company pays $10per each labor hour. The entry torecord this transaction is:A debit to Work in Process Inventory$70,000 and a credit to FactoryLabor $70,000 Goods costing $21,000 were sold for$52,000 on account. The entry torecord this transaction would include:A credit to Accounts ReceivableO $52,000 and a debit to SalesRevenue $52,000A debit to Cost of Goods Sold$21,000 and a credit to FinishedGoods Inventory $21,000A debit to Cost of Goods SoldO $52,000 and a credit to FinishedGoods Inventory $52,000None of the above

Sales are described as the term which is used when the business provides the goods or services to…

Goods costing $21,000 were sold for $52,000 on account. The entry to record this transaction would include: A credit to Accounts Receivable $52,000 and a debit to Sales Revenue $52,000 A debit to Cost of Goods Sold O $21,000 and a credit to Finished Goods Inventory $21,000 A debit to Cost of Goods Sold $52,000 and a credit to Finished Goods Inventory $52,000 O None of the above

Goods costing $21,000 were sold for $52,000 on account. The entry to record this transaction would include: A credit to Accounts Receivable $52,000 and a debit to Sales Revenue $52,000 A debit to Cost of Goods Sold O $21,000 and a credit to Finished Goods Inventory $21,000 A debit to Cost of Goods Sold $52,000 and a credit to Finished Goods Inventory $52,000 O None of the above

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 19PA: Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash,...

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