The entry to record the company's cost of selling merchandise under a perpetual inventory system would be a:
A) debit to Accounts Receivable and a credit to Sales.
B) debit to Inventory and a credit to Cost of Goods Sold.
C) debit to Cost of Goods Sold and a credit to Inventory.
D) debit to Cost of Goods Sold and a credit to Sales.
Correct Answer:
Verified
Q76: Under the perpetual inventory system, which of
Q77: If an invoice shows a total of
Q78: Under a perpetual inventory system, when goods
Q79: C & S Company purchased 80 keyboards
Q80: Stella, Inc. purchased 75 telescopes for $25
Q82: Which of the following indicates that the
Q83: FOB shipping point means that title passes
Q84: When a customer returns goods, the merchandiser
Q85: Archer Manufacturing had sales for the week
Q86: Sales is a(n)_ account.
A)asset
B)liability
C)revenue
D)contra-
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