TRR Enterprises sold products to customers on 30 June 2006 for a total price of $10,000. The...
Question:
TRR Enterprises sold products to customers on 30 June 2006 for a total price of $10,000. The terms of the sale are that payment is due in 30 days. The cost of the products was $8,000. The most likely change in TRR's total assets on 30 June 2006 related to this transaction is:
A. $0
B. $2,000
C. $10,000
Total Assets:
Assets refer to the things a business owns that it can use to generate revenue and are divided into a variety of accounts. Total assets are calculated and reported on the Balance Sheet at the end of the accounting period.
Answer and Explanation: 1
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View this answerThe change to TRR's total assets at the end of June will be a net increase in assets of b)$2,000.
The sale of products results in the conversion of...
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