Good,Inc.sold inventory for $1,200 that was purchased for $700.Good records which of the following when it sells inventory using a periodic inventory system?
A) No entry is required for cost of goods sold and inventory.
B) Debit Cost of Goods Sold $700; credit Inventory $700.
C) Debit Cost of Goods Sold $1,200; credit Inventory $1,200.
D) Debit Inventory $700; credit Cost of Goods Sold $700.
Correct Answer:
Verified
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