On Saturday, June 30, BD Pool Supplies sold merchandise to E. Luang on account.

Question

On Saturday, June 30, BD Pool Supplies sold merchandise to E. Luang on account. The sales price was $7,900, and the cost of goods sold was $6,500. The sales revenue was recorded immediately, but the entry recording the cost of goods sold was dated Monday, July 2. As a result, net income for June was:

On Saturday, June 30, BD Pool Supplies sold merchandise to E. Luang on account. The sales price was $7,900, and the cost of goods sold was $6,500. The sales revenue was recorded immediately, but the entry recording the cost of goods sold was dated Monday, July 2. As a result, net income for June was:

Explanation / Answer

Overstated by $7,900. after july 2 the income will be reduced to 1400

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