Donaldson Corporation uses a periodic inventory system. On January 1, inventory is $253,000. On April 5, Donaldson sells inventory with a selling price of $75,000 on account. The cost of the inventory sold is $50,000. The journal entry (entries) to record the sale is (are) ________. Group of answer choices debit Accounts Receivable and credit Sales Revenue; debit Cost of Goods Sold and credit Inventory debit Cash and Cost of Goods Sold and credit Sales Revenue and Inventory debit Accounts Receivable and credit Sales Revenue debit Cash and credit Sales Revenue
Donaldson Corporation uses a periodic inventory system. On January 1, inventory is $253,000. On April 5, Donaldson sells inventory with a selling price of $75,000 on account. The cost of the inventory sold is $50,000. The journal entry (entries) to record the sale is (are) ________. Group of answer choices debit Accounts Receivable and credit Sales Revenue; debit Cost of Goods Sold and credit Inventory debit Cash and Cost of Goods Sold and credit Sales Revenue and Inventory debit Accounts Receivable and credit Sales Revenue debit Cash and credit Sales Revenue
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Donaldson Corporation uses a periodic inventory system. On January 1, inventory is $253,000. On April 5, Donaldson sells inventory with a selling price of $75,000 on account. The cost of the inventory sold is $50,000. The journal entry (entries) to record the sale is (are) ________.
Group of answer choices
debit Accounts Receivable and credit Sales Revenue; debit Cost of Goods Sold and credit Inventory
debit Cash and Cost of Goods Sold and credit Sales Revenue and Inventory
debit Accounts Receivable and credit Sales Revenue
debit Cash and credit Sales Revenue
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