Business, 23.08.2020 01:01 ayoismeisalex

Turnadot & Sons is a small wholesaler of decorative cast iron objects. The following events, related to a special customer order, occur as described below: August 5, 2015: Turnadot receives the special order for 200 outdoor planters at a selling price of $50 each, including delivery at a future convenient time and location. The customer, with whom Turnadot has had a long-term, trouble-free relationship, pays $3,000 as a deposit and agrees to pay the rest on delivery. Turnadot immediately orders $4,000 worth of planters from its supplier and pays a $1,000 deposit for them.
August 27, 2015: Turnadot pays $3,000 balance due to the supplier upon delivery of the planters to its warehouse.
September 5, 2015: The customer calls for delivery of the planters, and pays the balance of $7,000 when they arrive at the customer site.
On August 5, 2015, which one of the following accounting entries, related to the $1,000 deposit paid to the supplier for the planters, should be recorded in Turnadot's financial accounting system?
A) Debit the current asset 'advances to suppliers' $1,000; credit cash $1,000
B) Debit cost of goods sold $4,000; credit cash $1,000; credit accounts payable $3,000
C) Debit cost of goods sold $1,000; credit revenues $1,000

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Turnadot & Sons is a small wholesaler of decorative cast iron objects. The following events, rel...

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