The entries to record a $5,000 cash sale under a periodic inventory system, when the cost of the merchandise is $3,200, include a:
A) debit to Inventory for $5,000.
B) credit to Sales Revenue for $5,000.
C) debit to Cost of Goods Sold for $3,200.
D) debit to Accounts Receivable for $5,000.
Correct Answer:
Verified
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