Company A purchases goods for cash on January 15. They purchase 10 items at a cost of $50 per item. 5 of these items are sold on January 29 for $700 cash. What is/(are) the entry/(ies) on January 29 to record the sale of the goods? O Debit Cash S700 Credit Sales Revenue S700 O Debit Accounts Receivable S700 Credit Sales Revenue $700 Debit Cost of Goods Sold $250 Credit Inventory $250

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Company A purchases goods for cash on January 15. They purchase 10 items at a cost of $50 per
item. 5 of these items are sold on January 29 for $700 cash. What is/(are) the entry/(ies) on
January 29 to record the sale of the goods?
O Debit Cash
$700
Credit Sales Revenue
S700
O Debit Accounts Receivable $700
Credit Sales Revenue
$700
Debit Cost of Goods Sold $250
Credit Inventory
$250
Debit Cash
$700
Credit Sales Revenue
$700
Debit Cost of Goods Sold S250
Credit Inventory
$250
O Debit Cash
$700
Credit Sales Revenue
$700
Debit Cost of Goods Sold $500
Credit Inventory
5500
Transcribed Image Text:Company A purchases goods for cash on January 15. They purchase 10 items at a cost of $50 per item. 5 of these items are sold on January 29 for $700 cash. What is/(are) the entry/(ies) on January 29 to record the sale of the goods? O Debit Cash $700 Credit Sales Revenue S700 O Debit Accounts Receivable $700 Credit Sales Revenue $700 Debit Cost of Goods Sold $250 Credit Inventory $250 Debit Cash $700 Credit Sales Revenue $700 Debit Cost of Goods Sold S250 Credit Inventory $250 O Debit Cash $700 Credit Sales Revenue $700 Debit Cost of Goods Sold $500 Credit Inventory 5500
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