Homework Answers
Answer :
| Assets | + | Liabilities | + | Stockholder’s Equity | |||
|---|---|---|---|---|---|---|---|
| Cash | 11,000 | Sales Tax Payable [$11,000 * 4%] | 440 | Sales Revenue | 11,440 | ||
| Inventory | -7,000 | Cost of Goods Sold | -7,000 |
The first row is supposed to be 11440(asset), 440(liablity), 11000(SE). The second row is right.
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