question 3 please QUESTION 3Cumberland Co. sells $2,000 of inventory to Hancock Co. for cash. Cumberland paid $1,250 for the merchandise.Under a perpetual inventory system, which of the following journal entry(ies) would be recorded?O a. debit Cash, $2,000; credit Sales, $2,000; and debit Cost of Goods Sold, $1,250; credit Inventory, $1,250b. debit Cash, $2,000; credit Inventory, $1,250c. debit Cash, $1,250; credit Sales, $1,250d. debit Accounts Receivable, $2,000; credit Sales, $2,000; and debit Cost of Goods Sold, $1,250; creditInventory, $1,250QUESTION 4Gross profit is equal toa. sales less cost of goods soldb. sales less selling expensesc. sales plus selling expensesd. sales plus cost of goods soldQUESTION 5When merchandise purchased on account is returned under the perpetual inventory system, the buyer would debita. Accounts Receivable

Name: question 3 please QUESTION 3Cumberland Co. sells $2,000 of inventory t
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Description: question 3 please QUESTION 3Cumberland Co. sells $2,000 of inventory to Hancock Co. for cash. Cumberland paid $1,250 for the merchandise.Under a perpetual inventory system, which of the following journal entry(ies) would be recorded?O a. debit Cash,

Journal entries are the basic method for recording financial transactions in the books of accounts.…

Business

Accounting

QUESTION 3 Cumberland Co. sells $2,000 of inventory to Hancock Co. for cash. Cumberland paid $1,250 for the merchandise. Under a perpetual inventory system, which of the following journal entry(ies) would be recorded? O a. debit Cash, $2,000; credit Sales, $2,000; and debit Cost of Goods Sold, $1,250; credit Inventory, $1,250 O b. debit Cash, $2,000; credit Inventory, $1,250 O c. debit Cash, $1,250; credit Sales, $1,250 O d. debit Accounts Receivable, $2,000; credit Sales, $2,000; and debit Cost of Goods Sold, $1,250; credit Inventory, $1,250

QUESTION 3 Cumberland Co. sells $2,000 of inventory to Hancock Co. for cash. Cumberland paid $1,250 for the merchandise. Under a perpetual inventory system, which of the following journal entry(ies) would be recorded? O a. debit Cash, $2,000; credit Sales, $2,000; and debit Cost of Goods Sold, $1,250; credit Inventory, $1,250 O b. debit Cash, $2,000; credit Inventory, $1,250 O c. debit Cash, $1,250; credit Sales, $1,250 O d. debit Accounts Receivable, $2,000; credit Sales, $2,000; and debit Cost of Goods Sold, $1,250; credit Inventory, $1,250

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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