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Manal Elkhoshkhany
Manal Elkhoshkhany, Bachelor's Degree
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A product is shipped to a customer on July 31st. An invoice

Customer Question

A product is shipped to a customer on July 31st. An invoice for this product sale is generated and mailed to the customer on the same date. The Product Sales Price is $100 and is recorded as revenue. The Product Cost is $40 and is recorded(charged) to Cost of Goods Sold. The customer sends payment of $100 on August 31st. The product shipment and related invoice are the only activities(and entries) for the month of July. For the month of July, cash flows has:
a. Increased by $100
b. Increased by $60
c. Decreased by $40
d. Decreased by $100
e. Neither increased or decreasedIndicate the one you choose and explain why you choose it.
Submitted: 11 months ago.
Category: Single Problem
Expert:  Manal Elkhoshkhany replied 11 months ago.


Please click on the following link to download the solution:

Kindly advise the name of the book you are using: Title, author's name, and edition

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