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Determine the effects on the balance sheet

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Reference no: EM132803339

Suppose the following transaction(s) happen: A firm sells inventory that had cost $100 for $150. Of the $150 of sales, $120 is cash and $30 is credit.

Which of the following effects on the balance sheet are correct? (Check all that apply) Note that none of the answers give ALL the effects.

Retained Earnings goes up by $50

Inventory goes up by $100

Cash goes up by $150

Accounts Receivable goes up by $30

Accounts Payable goes up by $120

Reference no: EM132803339

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