6-An item of merchandise was sold for RO 1600 cash by a business using the perpetual inventory system. The cost of Merchandise is RO 1200. Which of the following journal entry is correct for the Merchandise Sales? a. Debit Cost of goods sold RO 1600 Credit Merchandise inventory RO 1600 b. Debit Cash RO 1600 Credit Sales RO 1600 c. Debit Merchandise inventory RO 1200 Credit Cost of goods sold RO 1200 d. Debit Accounts receivable RO 400 Credit Sales RO 400

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Description: 6-An item of merchandise was sold for RO 1600 cash by a business using the perpetual inventory system. The cost of Merchandise is RO 1200. Which of the following journal entry is correct for the Merchandise Sales? a. Debit Cost of goods sold RO 16

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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6-An item of merchandise was sold for RO 1600 cash by a business using the perpetual inventory system. The cost of Merchandise is RO 1200. Which of the following journal entry is correct for the Merchandise Sales?

Debit Cost of goods sold RO 1600 Credit Merchandise inventory RO 1600

Debit Cash RO 1600 Credit Sales RO 1600

Debit Merchandise inventory RO 1200 Credit Cost of goods sold RO 1200

Debit Accounts receivable RO 400 Credit Sales RO 400

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