The next question is based on Panjim Trading Company’s cash T-account for 2015.
Panjim’s 2015 cash T-account, which one of the following statements must be true?
- During 2015, Panjim’s total merchandise sales were $60,000.
- During 2015, Panjim’s total merchandise purchases were $44,000.
- During 2015, Panjim issued $75,000 of debt.
- Panjim did not record any tax expense for 2015.
I chose D already.