Select all that apply X-Mart uses the perpetual inventory system to account for its merchandise. On June 1, it sold $7,000 of merchandise for cash. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale and the cost of the sale by selecting all of the correct actions below. (Check all that apply.) Debit Sales $7,000. Debit Cash $7,000. Credit Sales $7,000. Credit Cost of Goods Sold $500. Debit Cost of Goods Sold $500. Debit Merchandise Inventory $500. Credit Cash $7,000. Credit Merchandise Inventory $500.
Select all that apply X-Mart uses the perpetual inventory system to account for its merchandise. On June 1, it sold $7,000 of merchandise for cash. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale and the cost of the sale by selecting all of the correct actions below. (Check all that apply.) Debit Sales $7,000. Debit Cash $7,000. Credit Sales $7,000. Credit Cost of Goods Sold $500. Debit Cost of Goods Sold $500. Debit Merchandise Inventory $500. Credit Cash $7,000. Credit Merchandise Inventory $500.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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