Kirby, Inc. records a sale with a gross margin of $1,400. Which one of the...
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Accounting
Kirby, Inc. records a sale with a gross margin of $1,400. Which one of the following statements correctly describes the effect of such a sale on its balance sheet?
Common stock increases by $1,400
The sales revenue account increases by $1,400
The gross margin account increases by $1,400
The retained earnings account increases by $1,400
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