Using a perpetual inventory system, which journal entry(ies) is (are) prepared when two units of merchandise are sold on account? A. debit Accounts Receivable and credit Sales Revenue: debit Cost of Goods Sold and credit Inventory OB. debit Accounts Receivable and credit Sales Revenue; debit Inventory and credit Cost of Goods Sold O C. debit Cash and credit Sales Revenue: debit Cost of Goods Sold and credit Inventory O D. debit Accounts Receivable and credit Sales Revenue only

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Using a perpetual inventory system, which journal entry(ies) is (are) prepared when two units of merchandise are sold on account?
A. debit Accounts Receivable and credit Sales Revenue; debit Cost of Goods Sold and credit Inventory
B. debit Accounts Receivable and credit Sales Revenue; debit Inventory and credit Cost of Goods Sold
O C.
debit Cash and credit Sales Revenue; debit Cost of Goods Sold and credit Inventory
O D. debit Accounts Receivable and credit Sales Revenue only
Transcribed Image Text:Using a perpetual inventory system, which journal entry(ies) is (are) prepared when two units of merchandise are sold on account? A. debit Accounts Receivable and credit Sales Revenue; debit Cost of Goods Sold and credit Inventory B. debit Accounts Receivable and credit Sales Revenue; debit Inventory and credit Cost of Goods Sold O C. debit Cash and credit Sales Revenue; debit Cost of Goods Sold and credit Inventory O D. debit Accounts Receivable and credit Sales Revenue only
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