Using a perpetual inventory system, which journal entry(ies) is (are) prepared when two units of merchandise are sold on account? A. debit Accounts Receivable and credit Sales Revenue: debit Cost of Goods Sold and credit Inventory OB. debit Accounts Receivable and credit Sales Revenue; debit Inventory and credit Cost of Goods Sold O C. debit Cash and credit Sales Revenue: debit Cost of Goods Sold and credit Inventory O D. debit Accounts Receivable and credit Sales Revenue only

Using a perpetual inventory system, which journal entry(ies) is (are) prepared when two units of merchandise are sold on account? A. debit Accounts Receivable and credit Sales Revenue: debit Cost of Goods Sold and credit Inventory OB. debit Accounts Receivable and credit Sales Revenue; debit Inventory and credit Cost of Goods Sold O C. debit Cash and credit Sales Revenue: debit Cost of Goods Sold and credit Inventory O D. debit Accounts Receivable and credit Sales Revenue only

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 2MC: What accounts are used to recognize a retailers purchase from a manufacturer on credit? A. accounts...

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