Homework Answers
a.
| Assets | Liabilities | Owner's Equity | |
| February | Cash = $1,000 | Unearned sales revenue = $1,000 | |
| March | Inventory = -$400 | Unearned sales revenue = -$1,000 | Sales revenue = $1,000, Expenses = - $400 |
b.
| Assets | Liabilities | Owner's Equity | |
| February | |||
| March | Accounts receivable = $1,000, Inventory = - $400 | Sales revenue = $1,000, expenses = - $400 | |
| April | Cash = $1,000, Accounts receivable = - $1,000 |
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Use the following image to answer the question
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to inventory.
o True
o False
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QUESTION:
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o True
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o True
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