Unformatted text preview: Revenues and Expenses Sales on open account for the entire month of January
amount to $160, 000. The cost of the inventory sold is $ 100,000
Assets = Liabilities + Owners' Equity
Accounts Receivable Merchandise Inventory Retained Earnings Sale; +160,000 = +160,000
(sales revenues) Cost of inventory sold —100,000 = —100,000 (cost of goods sold expenses)...
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- Fall '07
- Financial Accounting