Fluffy and Ruffly Pet Services made a $2,800 credit sale on 13 Nov and received payment from the customer on 20 Nov. Ignoring GST and assuming no sales discount is involved, how would the credit sale be recorded on 13 Nov?Group of answer choicesIncrease cash by $2,800 and decrease accounts receivable by $2,800.None of the other answersIncrease cash by $2,800 and increase sales revenue by $2,800.Increase cash by $2,800, decrease accounts receivable by $2,800, and increase net sales revenue by $2,800.Increase accounts receivable by $2,800 and increase sales revenue by $2,800.

At the end of the accounting period, prior to any closing entries, the balance of Fluffy and Ruffly Pet Services accounts included: the cash account $160,000, service revenue $210,000, and cost of goods sold $126,000. The profit for the period was $6,300. The closing entries results in the:Group of answer choicescash decreasing by $160,000, service revenue increasing by $210,000, cost of goods sold increasing by $126,000, and retained profits decreasing by $6,300.cash remaining unchanged at $160,000, service revenue decreasing to $0, cost of goods sold decreasing to $0, and retained profits decreasing by $6,300.cash remaining unchanged at $160,000, service revenue decreasing to $0, cost of goods sold decreasing to $0, and retained profits increasing by $6,300.None of the other answerscash decreasing to $0, service revenue decreasing to $0, cost of goods sold decreasing to $0, and retained profits decreasing to $0

Hammer Hardware sold goods to James Brown on credit at a price of $2,750.00 including GST. What is the correct accounting entry to record the sales revenue in Hammer Hardware’s books?Group of answer choicesDebit Accounts Receivable $2,750; credit Sales $2,750.Debit Accounts Receivable $2,750; credit Sales $2,500; credit GST Collections $250.Debit Accounts Receivable $2,500; credit Sales $2,500.Debit Accounts Receivable $2,500; debit GST Collections $250; credit Sales $2,750.

Dogs R US uses the periodic inventory system to account for its merchandise. A customer returned merchandise purchased on credit for $400 with a cost to Dogs R US of $100 and the returned merchandise can be sold to other customers, demonstrate the required journal entry to record the return by selecting all of the correct actions below.Multiple select question.Credit Accounts Receivable $400.Debit Sales Returns and Allowances $400.Credit Cost of Goods Sold $100.Debit Merchandise Inventory $100.Debit Cost of Goods Sold $100.Credit Cash $400.Credit Sales Returns and Allowances $400.Credit Merchandise Inventory $100.Debit Accounts Payable $400.

On June 5, Jo's Market sold $1,000 of goods on credit with terms of 2/10,n/30. How will Jo's Market record the customer's payment on June 8?Multiple choice question.Debit Accounts Receivable $1,000; credit Merchandise Inventory $20; and credit Cash $980Credit Accounts Receivable $1,000; debit Cash $980; and credit Merchandise Inventory $20Debit Cash $1,000 and credit Accounts Receivable $1,000Debit Cash $980; debit Sales Discounts $20; and credit Accounts Receivable $1,000

The accounts of Fluffy and Ruffly Pet Services show net sales of $63,000, operating expenses of $15,750, gross profit of $37,800, and profit before tax of $22,050. What was the cost of the inventory sold during the year?Group of answer choices$15,750$25,200None of the other answers$40,950$47,250Next