Company A sells blankets. The following transactions occurred during March: Mar 3 Placed an order on credit with the blanket supplier for 100…

Company A sells blankets. The following transactions occurred during March:

Mar 3

Placed an order on credit with the blanket supplier for 100 blankets at a price of $70 each. 

Mar 7

Hired a new employee. The employee will earn $80,000 per year plus benefits.

Mar 17

Received the order placed on March 3. No payment is yet made to the supplier. 

Mar 25

Sold 60 of the blankets purchased on March 3. The sale was on credit.  

Mar 28

Received half of the payment for the March 25 sale. 

The journal entries for March 25 include a credit of $4,200 to which account?

Select one:

a. accounts payable

b. cost of goods sold

c. inventory

d. sales revenue

 

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