In recording the cost of merchandise sold for cash, based on data available from perpetual inventory records, the journal entry is a
A) debit to Cost of Merchandise Sold and a credit to Sales
B) debit to Cost of Merchandise Sold and a credit to Merchandise Inventory
C) debit to Merchandise Inventory and a credit to Cost of Merchandise Sold
D) debit to Accounts Receivable and a credit to Merchandise Inventory
Correct Answer:
Verified
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