Homework Answers
In this Given Question
a) on March 3, Cobra Inc. Purchased a desk for $350, and
b) On March 22, Cobra Inc. Purchased another desk for $475 on account, and Paid $580 on March 22.
The Total amount Of Desks Purchased by Cobra Inc in the month of March = $350 + $475
=$825
For recording The value of both the desks, we have to add the cost value of both the desks as we do on the above.
The amount paid by Cobra Inc of $580 is another type of adjustment. It is the payment of the desks. We can purchase the asset on both credit as well as cash. The remaining amount of $245 ($825 - $580) will be shown under the head of the creditor.
conclusion
Hence at the end of the march, the $825 will be reported as the value of desks by Cobra Inc.
Correct Option is C i.e. $825
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