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    St82thepnt's Avatar
    St82thepnt Posts: 1, Reputation: 1
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    #1

    Nov 5, 2007, 03:38 PM
    How to record sale of merchandise on account, in the seller's records:
    Increase assets and increase expenses.
    Increase assets and decrease liabilities.
    Increase assets and increase paid-in capital.
    Increase assets and decrease revenues.
    dkw54's Avatar
    dkw54 Posts: 1, Reputation: 1
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    #2

    May 10, 2009, 12:24 PM
    Increase assets and decrease liabilities
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #3

    May 10, 2009, 11:44 PM

    Please see the guidelines for posting homework problems:
    Ask Me Help Desk - Announcements in Forum : Homework Help

    And dkw54, if you insist upon doing people's work for them, at least get it right. Your answer doesn't even make any sense and can't even happen.
    mellaaaa's Avatar
    mellaaaa Posts: 3, Reputation: 1
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    #4

    Jul 9, 2010, 11:28 PM
    Increase assets and increase expenses.
    mellaaaa's Avatar
    mellaaaa Posts: 3, Reputation: 1
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    #5

    Jul 9, 2010, 11:29 PM
    Increase assets and increase paid-in capital
    mellaaaa's Avatar
    mellaaaa Posts: 3, Reputation: 1
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    #6

    Jul 9, 2010, 11:31 PM
    Tell me the righ answer
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #7

    Jul 10, 2010, 11:01 AM

    When a seller sells merchandise there are two journal entries;

    1) Debit Cash or Accounts Receivable and Credit Sales

    2) Debit Cost of Goods Sold and Credit Inventory.

    Now you know what journal entries are made you will be able to figure out the correct answer to your question.
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