Solved

Morgan Manufacturing Recently Sold Goods That Cost $35,000 for $45,000

Question 24

Multiple Choice

Morgan Manufacturing recently sold goods that cost $35,000 for $45,000 cash.The journal entries to record this transaction would include:


A) a credit to Work-in-Process Inventory for $35,000.
B) a debit to Sales Revenue for $45,000.
C) a credit to Profit on Sale for $10,000.
D) a debit to Finished-Goods Inventory for $35,000.
E) a credit to Sales Revenue for $45,000.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents