Reference no: EM132484614
Below are the T-accounts representing a transaction Comfy Home recorded on January 10th:
CashBeg. Bal.$ 11,00010-Jan$ 6,500
Revenue/Sales$ - Beg. Bal.$ 6,50010-Jan
InventoriesBeg. Bal.$ 310,000$ 3,20010-Jan
Cost of Goods SoldBeg. Bal.$ - 10-Jan$ 3,200
Question 1: Which of the following statements best describes the transaction made on January 10th?
Group of answer choices
Option 1: Comfy Home made a cash sale of inventory to a customer.
Option 2: Comfy Home received revenue from purchasing inventory at a discount.
Option 3: Comfy Home paid cash for inventory it previously purchased.
Option 4: Comfy Home sold inventory to a customer on account.
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