Transaction analysis. Mima inc has been operation for two yars. Below find descr

ID: 2456109 • Letter: T

Question

Transaction analysis. Mima inc has been operation for two yars. Below find description of activites that occurred during y8 .

Transaction 1b November 20, y8: the cost of merchandise sold in the transaction 1a was $1,200.

Indicate the account titile to be debited by 1,200

a. cash b. cost of goods sold c. inventory d. retained earnings e. none

Indicate the account title to be credited by 1,200

a. cash b. cost of goods sold c. inventory d. retained earnings e. none

Transaction 1c- December 10, 78: customer A paid for the items purchased on November 20, y8

Indicate the account title to be debited on mima’s books.

Accounts receivable b. cash. C. Inventory d. unearned revenues e. sales revenue

Indicate the account title to be credited on mima’s books.

Accounts receivable b. cash. C. Inventory d. unearned revenues e. sales revenue

Transaction 1b November 20, y8: the cost of merchandise sold in the transaction 1a was $1,200.

Indicate the account titile to be debited by 1,200

b. cost of goods sold

Indicate the account title to be credited by 1,200

c. inventory

Note : Journal Entry

Transaction 1c- December 10, 78: customer A paid for the items purchased on November 20, y8

Indicate the account title to be debited on mima’s books.

b. cash.

Indicate the account title to be credited on mima’s books.

a) Accounts receivable

Note : Journal Entry

Account Title Debit Credit Cost of Good Sold 1200 Inventory 1200

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