Question 256
Multiple Choice
Smithville Furniture sold 15 desks,with a cost of $7,500,for $11,250 on account.Smithville uses the periodic inventory system.Which of the following is the correct way to record this transaction?
Accounts Debit Credit Sales Revenue 11 , 250 Accounts Receivable 11 , 250 \begin{array} { | l | l | l | } \hline \text { Accounts } & \text { Debit } & \text { Credit } \\\hline \text { Sales Revenue } & 11,250 & \\\hline \text { Accounts Receivable } & & 11,250 \\\hline\end{array} Accounts Sales Revenue Accounts Receivable Debit 11 , 250 Credit 11 , 250 Accounts Debit Credit Accounts Receivable 11 , 250 Sales Revenue 11 , 250 Cost of Goods Sold 7 , 500 Merchandise Inventory 7 , 500 \begin{array} { | l | r | r | } \hline \text { Accounts } & \text { Debit } & \text { Credit } \\\hline \text { Accounts Receivable } & 11,250 & \\\hline \text { Sales Revenue } & & 11,250 \\\hline \text { Cost of Goods Sold } & 7,500 & \\\hline \begin{array} { c } \text { Merchandise } \\\text { Inventory }\end{array} & & 7,500 \\\hline\end{array} Accounts Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory Debit 11 , 250 7 , 500 Credit 11 , 250 7 , 500 Accounts Debit Credit Accounts Receivable 11 , 25 Sales Revenue 11 , 250 \begin{array} { | l | l | l | } \hline \text { Accounts } & \text { Debit } & \text { Credit } \\\hline \text { Accounts Receivable } & 11,25 & \\\hline \text { Sales Revenue } & & 11,250 \\\hline\end{array} Accounts Accounts Receivable Sales Revenue Debit 11 , 25 Credit 11 , 250 Accounts Debit Credit Accounts Receivable 11 , 250 Sales Revenue 11 , 250 Purchases 7 , 500 Merchandise Inventory 7 , 500 \begin{array} { | l | r | r | } \hline \text { Accounts } & \text { Debit } & \text { Credit } \\\hline \text { Accounts Receivable } & 11,250 & \\\hline \text { Sales Revenue } & & 11,250 \\\hline \text { Purchases } & 7,500 & \\\hline \begin{array} { c } \text { Merchandise } \\\text { Inventory }\end{array} & & 7,500 \\\hline\end{array} Accounts Accounts Receivable Sales Revenue Purchases Merchandise Inventory Debit 11 , 250 7 , 500 Credit 11 , 250 7 , 500
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