With the perpetual inventory system, which of the following entries would be made when inventory costing $3,600 is sold for $5,000? Oa. Purchases 5,000 Accounts Receivable 5,000 Ob. Cost of Goods Sold 3,600 Inventory 3,600 Oc. Inventory 3,600 Cost of Goods Sold 5,000 Accounts Payable 3,600 Purchases 5,000 Od. Inventory 5,000 Accounts Payable 5,000
With the perpetual inventory system, which of the following entries would be made when inventory costing $3,600 is sold for $5,000? Oa. Purchases 5,000 Accounts Receivable 5,000 Ob. Cost of Goods Sold 3,600 Inventory 3,600 Oc. Inventory 3,600 Cost of Goods Sold 5,000 Accounts Payable 3,600 Purchases 5,000 Od. Inventory 5,000 Accounts Payable 5,000
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 3DQ: Using the perpetual inventory system, what account is debited when a business finds that its...
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