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Below are the T-accounts representing a transaction Comfy Home recorded on January 10th:



Bal.$ 11,00010-Jan$ 6,500

Revenue/Sales$ - Beg. Bal.$ 6,50010-Jan

InventoriesBeg. Bal.$ 310,000$ 3,20010-Jan

Cost of Goods SoldBeg. Bal.$ - 10-Jan$ 3,200


Which of the following statements best describes the transaction made on January 10th?

Group of answer choices

Comfy Home made a cash sale of inventory to a customer.

Comfy Home received revenue from purchasing inventory at a discount.

Comfy Home paid cash for inventory it previously purchased.

Comfy Home sold inventory to a customer on account.

Top Answer

Comfy Home sold... View the full answer

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