On February 1, 2015, Fugit Company Sells Merchandise on Account $\begin{array}{lrr} \text { Sales Revenue } &6,500\\ \text { Accounts Payable } &&6,500\\\end{array}$

question 96

Short Answer

On February 1, 2015, Fugit Company sells merchandise on account to Armen Company for $6,500. The entry to record this transaction by Fugit Company is a.
$\begin{array}{lrr} \text { Sales Revenue } &6,500\\ \text { Accounts Payable } &&6,500\\\end{array}$

b.
$\begin{array}{lrr} \text { Cash} &6,500\\ \text { Sales Revenue } &&6,500\\\end{array}$

c.
$\begin{array}{lrr} \text { Accounts Receivable.} &6,500\\ \text { Sales Revenue } &&6,500\\\end{array}$

d.
$\begin{array}{lrr} \text { Accounts Payable } &6,500\\ \text { Accounts Receivable.} &&6,500\\\end{array}$

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Definitions:

Fat Reserves

Stored energy in the form of fat, accumulated in adipose tissue and used by the body during times of scarcity.

Body Oxidizes

The process by which the body metabolizes substances to produce energy, involving the transfer of electrons to oxygen.

NADH Molecules

Nicotinamide adenine dinucleotide (NADH) is a coenzyme involved in redox reactions, carrying electrons from one reaction to another in cellular respiration.

Electron-Transport Chain

A sequence of compounds facilitating electron flow from electron-donating entities to electron-accepting entities via redox processes, concurrently coupling this flow with proton (H+ ions) migration across a membrane.