A firm sold inventory for $350 that cost $221. The entry to record the cost of the inventory sold would be a:
A) debit to Sales and a credit to Cash for $350.
B) debit to Cost of sales and a credit to Inventory for $221.
C) debit to Cash and a credit to Sales for $350.
D) debit to Inventory for $221 and a credit to Cost of sales for $221.
Correct Answer:
Verified
Q69: Which of the following describes Net sales
Q70: Michelin Jewellers completed the following transactions. Michelin
Q72: When a firm uses the perpetual inventory
Q75: Michelin Jewellers completed the following transactions. Michelin
Q76: A firm sells inventory for $1 000,
Q77: Which of the following defines Net sales
Q78: Referring to the following table, what is
Q79: Michelin Jewellers completed the following transactions. Michelin
Q85: Net sales revenue is equal to Sales
Q89: Gross profit is equal to Sales revenue
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents