When the company sells goods on account, the following occurs: Sales decrease & Cash increases Sales...
When the company sells goods on account, the following occurs:
| Sales decrease & Cash increases |
| Sales & Accounts Receivable both increase |
| Sales increase & Accounts Receivable decrease |
| Sales & Cash both increase |
When the company purchases goods on account, the following occurs:
| CGS (Cost of Goods Sold) increases & Accounts Payable decrease |
| Inventory & Accounts Payable both increase |
| CGS (Cost of Goods Sold) increases & Cash decrease |
| Inventory & Cash both increase |
Homework Answers
1.B.sales and accounts receivable both increase.
the following will be the journal entry:
| accounts receivable a/c........dr | xxxx | |
| ......................To Sales revenue a/c | . | xxxx |
2.B.Inventory and accounts payable both increase.
| Inventory a/c...........dr | xxx | |
| .............To accounts payable a/c | xxx | |
Add Answer to:
When the company sells goods on account, the following
occurs:
Sales decrease & Cash increases
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percent in the month following the purchase....
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