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Which journal entry(s) reflects the following transaction?:BOC received $10,000 of cash from a customer who took delivery of goods that originally cost BOC $8,000 to acquire.1 pointDr.   Cash          10,000    Cr.  Inventory         10,000Dr. Cash                       10,000    Cr.  Revenue                    10,000Dr.  Cost of Goods Sold   8,000   Cr.  Inventory                     8,000 Dr.   Cash   10,000    Cr.  Inventory      8,000    Cr.  Revenue       2,000Dr. Cash                       10,000    Cr.  Revenue                    10,000Dr.  Accounts Payable   8,000   Cr.  Inventory                     8,000 Dr.   Cash          10,000    Cr.  Revenue         10,000

Question

Which journal entry(s) reflects the following transaction?:BOC received 10,000ofcashfromacustomerwhotookdeliveryofgoodsthatoriginallycostBOC10,000 of cash from a customer who took delivery of goods that originally cost BOC 8,000 to acquire.1 pointDr.   Cash          10,000    Cr.  Inventory         10,000Dr. Cash                       10,000    Cr.  Revenue                    10,000Dr.  Cost of Goods Sold   8,000   Cr.  Inventory                     8,000 Dr.   Cash   10,000    Cr.  Inventory      8,000    Cr.  Revenue       2,000Dr. Cash                       10,000    Cr.  Revenue                    10,000Dr.  Accounts Payable   8,000   Cr.  Inventory                     8,000 Dr.   Cash          10,000    Cr.  Revenue         10,000

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Solution

The correct journal entries to reflect the transaction would be:

  1. Dr. Cash 10,000 Cr. Revenue 10,000 This entry records the cash received from the customer and recognizes the revenue from the sale of goods.

  2. Dr. Cost of Goods Sold 8,000 Cr. Inventory 8,000 This entry records the cost of the goods that were sold, reducing the inventory and recognizing the cost of goods sold.

So, the correct answer is a combination of these two entries.

This problem has been solved

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