Question 6(Use info from question 5)Where would Stan record the 85 Fidget Bands he sold this week? 1 pointHe needs to record the total sale on both the income statement and balance sheet as revenue.There is not enough information to answer this question.As a credit on his journal under the cost of goods sold expense account.As a credit on his journal under the cost of goods sold income account.7.Question 7(Use info from question 5)

A company sold $150k worth of products, out of which $50k was on credit. How should the following be recorded on the assets side of the balance sheet?+$50k cash+$100k accounts receivable+$100k cash+$50k accounts receivable+$100k cash+$50k inventory+$200k cash-$50k accounts receivable

Select the statements below that correctly describe the flow of costs in a merchandiser's accounting cycle.Multiple select question.Merchandise that is sold becomes an asset reported on the balance sheet.Merchandise that is sold becomes an expense reported on the income statement.Ending inventory + Cost of goods sold = Total merchandise available for sale.Beginning inventory + net purchases = Merchandise available for sale.Merchandise that is purchased becomes an asset reported on the balance sheet.Merchandise purchased is an expense and is reported on the income statement.

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.

Question 10Use the balance sheet pictured to answer the following question.Balance SheetCurrent assetsAmount Cash$2,500 Accounts receivable$400 Inventory$400 Prepaid rent$10,000Long-term assets Equipment$3,900 Vehicle$25,000 Accumulated depreciation-$2,500 Furniture$2,200 Computers$2,600Total Assets$44,500If Eternal Summer purchased $500 worth of Inventory using their supplier credit line, what would the total assets be after the transaction? 1 point$44,000$44,500$45,000

The journal entry to record the purchase of materials on account is a(n):Multiple choice question.decrease in assets and a decrease in liabilitiesincrease in assets and an increase in liabilitiesincrease in assets and a decrease in liabilitiesincrease in one asset and a decrease in another