31) Minx, Inc. sold $1,000 of goods that cost $600 to a customer on account. The journal entry to record this transaction includes ________.
A) a debit to Accounts receivable of $400 and credit to Sales of $400
B) debits to Accounts receivable of $1,000 and Cost of goods sold of $600 and credits to Revenue of $1,000 and Inventory of $600
C) a debit to Accounts receivable of $1,000 and a credit to Inventory of $1,000
D) a debit to Accounts receivable of $1,000 and a credit to Cost of goods sold of $1,000
32) Transactions are first recorded in the general ledger and then posted to the journal.
33) Transactions are first recorded in the journal and then posted to the general ledger.
34) Assets are decreased with debit entries.
35) Assets are decreased with credit entries.
36) Liabilities are increased with debit entries.
37) Liabilities are increased with credit entries.
38) Expenses are increased with debit entries.
39) Revenues are increased with credit entries.
40) Unearned revenue is increased with credit entries.
41) Unearned revenue is increased with debit entries.