A February 11 journal entry with the following information was included in the accounting records of Jumani Company: merchandise inventory,$7,000; cost of goods sold; $7,000.What is this entry needed for?
A) to record cost of merchandise sold
B) to record sales price of merchandise sold
C) to record cost of merchandise returned by a customer
D) to record net effect of a sales transaction
Correct Answer:
Verified
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