The Journal Entry Made by Canfield to Record the Sale

question 73

Multiple Choice

The journal entry made by Canfield to record the sale of the Jefferson Apartments project to King Development Company for $5,250,000 would include:

• A)A debit to Sales of $5,250,000.
• B)A debit to Cost of Goods Sold of $2,625,000.
• C)A credit to Finished Goods Inventory of $975,000.
• D)A debit to Finished Goods Inventory of $975,000.

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Definitions:

Data Usage

The way in which information is utilized, processed, or consumed, often referring to digital or electronic data.

Bandwidth

The maximum rate of data transfer across a given path or internet connection, measured in bits per second (bps).

Face-To-Face Communication

Direct interaction between two or more people, allowing for immediate feedback and nonverbal cues.

Richest Medium

The richest medium refers to communication channels that can convey the most information, including non-verbal cues, typically face-to-face communication.