What is the accounting transaction


Question: You run a diamond wholesale business. You sell $50,000 worth of diamonds to a jewelry retailer here in Bloomington. They promised to pay you for the diamonds within 30 days. When you bought the diamonds from the mining company originally you paid $35,000 for them. What is the accounting transaction that should be entered for this sale? Group of answer choices Account Debit Credit Accounts Receivable 50,000 Sales Revenue 50,000 Selling Expenses 35,000 Inventory 35,000 Account Debit Credit Sales Revenue 50,000 Accounts Receivable 50,000 Inventory 35,000 Cost of Goods Sold 35,000 Account Debit Credit Accounts Receivable 50,000 Sales Revenue 50,000 Cost of Goods Sold 35,000 Inventory 35,000 Account Debit Credit Cash 50,000 Sales Revenue 50,000 Cost of Goods Sold 35,000 Inventory 35,000

 

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Accounting Basics: What is the accounting transaction
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