How would a sale of $400 of inventory on credit affect the balance sheet if...
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Accounting
How would a sale of $400 of inventory on credit affect the balance sheet if the cost of the inventory sold was $160 Select one: O A. It would increase noncash assets by $400 and increase equity by $400 O B. It would decrease noncash assets by $160 and decrease equity by 160 O C. It would increase cash by $400 and increase equity by $400 D. Both A and B, above happen simultaneously E. None of the above On January 1, Fey Properties collected $7.200 for six months' rent in advance from a tenant renting an apartment. Fey Company prepares monthly financial statements. Which of the following describes the required adjusting entry on January 31? Select one O A. Debit Cash for $7.200 and Credit Rent revenue for $7.200 O B. Debit Unearned rent revenue for $1,200 and Credit Rent revenue for $1,200 C. Debit Rent revenue for $1.200 and Credit Unearned rent revenue for $1,200 D. Debit Cash for $6,000 and Credit Unearned rent revenue for $6,000 E. Debit Unearned rent revenue for $6,000 and Credit Cash for $6,000
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