X-Mart uses the periodic inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise on credit. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale by selecting all of the correct actions below. (Check all that apply.) Multiple select question. Debit Accounts Receivable $1,400. Credit Accounts Receivable $1,400. Credit Merchandise Inventory $500. Debit Sales $1,400. Debit Merchandise Inventory $500. Credit Sales $1,400. Debit Cost of Goods Sold $500. Credit Cost of Goods Sold $500.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 11MC: A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. What...
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X-Mart uses the periodic inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise on
credit. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale
by selecting all of the correct actions below. (Check all that apply.)
Multiple select question.
Debit Accounts Receivable $1,400.
Credit Accounts Receivable $1,400.
Credit Merchandise Inventory $500.
Debit Sales $1,400.
Debit Merchandise Inventory $500.
Credit Sales $1,400.
Debit Cost of Goods Sold $500.
Credit Cost of Goods Sold $500.
Transcribed Image Text:X-Mart uses the periodic inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise on credit. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale by selecting all of the correct actions below. (Check all that apply.) Multiple select question. Debit Accounts Receivable $1,400. Credit Accounts Receivable $1,400. Credit Merchandise Inventory $500. Debit Sales $1,400. Debit Merchandise Inventory $500. Credit Sales $1,400. Debit Cost of Goods Sold $500. Credit Cost of Goods Sold $500.
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