Transaction 1A Amigo Plastics sold extruded plastic profiles for $7.,000 cash an

Question

Transaction 1A Amigo Plastics sold extruded plastic profiles for $7.,000 cash and $6.000 on account (payment is due within 60 days). Q21. Indicate the account title to be debited by $6,000. O A Acct Receivable OB-Cash B, Cash C. Inventory D. Retained Earnings E. Sales Revenue QUESTION 22 10 pointsSave Answer TRANSACTION ANALYSIS Amigo Plastics has been in operation for three years. Below find description of activities that occurred during Year 4. You might find it helpful to prepare journal entries for each transaction before you answer questions asked. Transaction 1A Amigo Plastics sold extruded plastic profiles for $7,000 cash and $6,000 on account (payment is due within 60 days 022. Indicate the account title to be debited by $7,000 O A. Acct Receivable B, Cash O C. Cost of Sales O D. Retained Earnings E. Sales Revenue 10 points Save Answer QUESTION 23

Explanation / Answer

Answers 21. Account to be debited by $ 6,000 is Accounts Receivable. 22. Account to be debited by $ 7,000 is Cash. 23. Account to be credited by $ 13,000 is Sales Revenue. 24. Account to be debited by $ 10,000 is Cost of Sales. 25. Account to be credited by $ 10,000 is Inventory. 26. Account to be debited by $ 100,000 is Property and Equipment. 27. Account to be credited by $ 30,000 is Cash. 28. Account to be credited by $ 70,000 is Note Payable. 29. Account to be debited by $ 5,000 is Accounts Receivable.

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