Question
A computer manufacturer recently shipped several laptops to a customer (cost: $25,000) and billed the customer $30,000. Which of the following options correctly expresses the account that are debited and credited to record this transaction? debits: accounts receivable, finished-goods inventory; credits: sales revenue, cost of goods sold debits: accounts receivable, cost of goods sold; credits: sales revenue, finished-goods inventory debits: sales revenue, cost of goods sold; credits: accounts receivable, finished-goods inventory debits: sales revenue, finished-goods inventory; credits: accounts receivable, cost of goods sold debits: accounts receivable; credits: finished-goods inventory, profit on sale A computer manufacturer recently shipped several laptops to a customer (cost: $25,000) and billed the customer $30,000. Which of the following options correctly expresses the account that are debited and credited to record this transaction? debits: accounts receivable, finished-goods inventory; credits: sales revenue, cost of goods sold debits: accounts receivable, cost of goods sold; credits: sales revenue, finished-goods inventory debits: sales revenue, cost of goods sold; credits: accounts receivable, finished-goods inventory debits: sales revenue, finished-goods inventory; credits: accounts receivable, cost of goods sold debits: accounts receivable; credits: finished-goods inventory, profit on sale debits: accounts receivable, finished-goods inventory; credits: sales revenue, cost of goods sold debits: accounts receivable, cost of goods sold; credits: sales revenue, finished-goods inventory debits: sales revenue, cost of goods sold; credits: accounts receivable, finished-goods inventory debits: sales revenue, finished-goods inventory; credits: accounts receivable, cost of goods sold debits: accounts receivable; credits: finished-goods inventory, profit on sale
Explanation / Answer
debits: accounts receivable, cost of goods sold; credits: sales revenue, finished-goods inventory