Under the perpetual inventory system, what is the entry to record the cost price of goods sold on credit?
A) Debit inventory, credit cost of sales
B) Debit cost of sales, credit inventory
C) Debit cost of sales, credit inventory, credit GST outlays
D) Debit cost of sales, credit purchases
Correct Answer:
Verified
Q22: GST collected on sales is accumulated in
Q23: In Australia, where most accounting is computerised,
Q24: Jan sold goods to John for $3300
Q25: Under the perpetual inventory system inventory purchased
Q26: Adelaide sold goods to Perth on credit
Q28: Under the periodic inventory system an income
Q29: Which of these is not an advantage
Q30: Which of the following is not true
Q31: Under the perpetual inventory system what is
Q32: Under the periodic inventory system, what is
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