Question

Brandi Inc. sells $12,000 of finished goods for $50,000 on account. Which of the accounts is NOT affected by this transaction?

Name: brandi inc sells 12000 of finished goods for 50000 on account which of the accounts is not affected by this transaction 54973
Uploaded: 2023-09-01T05:34:55-08:00
Duration: 1 min 41 s
Channel: Supreeta N
Description: brandi inc sells 12000 of finished goods for 50000 on account which of the accounts is not affected by this transaction 54973

          Brandi Inc. sells $12,000 of finished goods for $50,000 on account. Which of the accounts is NOT affected by this transaction?

Added by Tara W.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Supreeta N

09/01/2023

Step 1

- Finished Goods Inventory (an asset account) decreases by the cost of goods sold ($12,000). - Accounts Receivable (an asset account) increases by the sales amount ($50,000). - Sales Revenue (a revenue account) increases by $50,000. - Cost of Goods Sold Show more…

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