Under the perpetual system, when merchandise is sold, the journal entry would include a:
A) debit to Merchandise Inventory; a credit to Accounts Payable or Cash.
B) debit to Cost of Goods Sold; a credit to Merchandise Inventory.
C) debit to Accounts Receivable or Cash and a credit to Sales.
D) Both B and C are correct.
Correct Answer:
Verified
Q7: Merchandise Inventory is recorded on the:
A) Balance
Q8: Which of the following accounts is used
Q9: _ accounts for merchandise inventory on a
Q10: Under the perpetual inventory system, in addition
Q11: Mack Industries uses the perpetual inventory system.
Q13: The perpetual inventory system is a system
Q14: Mack Industries uses the perpetual inventory system.
Q15: Under the perpetual inventory system, which of
Q16: Which of the following would be used
Q17: In a perpetual inventory system:
A) Merchandise Inventory
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