QUESTION 2 Cap & Trade, Inc., sold 300 baseball caps that cost $6 each to customers for $3,000 cash. Show the effect of this transaction on total Assets, Liabilities, Stock and/or Retained Earnings and the account titles. If no effect, select "$0 No Effect". Assets A. $0 No Effect Liabilities B. $(1,800) Cost of Goods Sold C. $(1,800) Inventory Stock D. $3,000 Cash Retained Earnings E. $3,000 Sales Revenue F. $3,000 Cash; $(1,800) Inventory G. $3,000 Sales Revenue; $(1,800) Cost of Goods Sold H. $(3,000) Sales Revenue; $1,800 Cost of Goods Sold
QUESTION 2 Cap & Trade, Inc., sold 300 baseball caps that cost $6 each to customers for $3,000 cash. Show the effect of this transaction on total Assets, Liabilities, Stock and/or Retained Earnings and the account titles. If no effect, select "$0 No Effect". Assets A. $0 No Effect Liabilities B. $(1,800) Cost of Goods Sold C. $(1,800) Inventory Stock D. $3,000 Cash Retained Earnings E. $3,000 Sales Revenue F. $3,000 Cash; $(1,800) Inventory G. $3,000 Sales Revenue; $(1,800) Cost of Goods Sold H. $(3,000) Sales Revenue; $1,800 Cost of Goods Sold
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter2: The Accounting Information System
Section: Chapter Questions
Problem 63.3C
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