Using a perpetual inventory system, the sale of inventory on account would be recorded as a. Debit Cost of Goods Sold; credit Inventory. b. Debit Inventory; credit Sales Revenue. c. Debit Accounts Receivable; credit Sales Revenue. d. Both a. and c. are correct.
Using a perpetual inventory system, the sale of inventory on account would be recorded as a. Debit Cost of Goods Sold; credit Inventory. b. Debit Inventory; credit Sales Revenue. c. Debit Accounts Receivable; credit Sales Revenue. d. Both a. and c. are correct.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Using a perpetual inventory system, the sale of inventory on account would be recorded as
a. Debit Cost of Goods Sold; credit Inventory.
b. Debit Inventory; credit Sales Revenue.
c. Debit
d. Both a. and c. are correct.
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