Multiple Choice
Under a perpetual inventory system, the entry to record a sale on account would include a debit to:
A) Accounts Receivable and a credit to Sales Revenue for the retail price of the inventory.
B) Inventory and a credit to Sales Revenue for the retail price of the inventory.
C) Cost of Goods Sold and a credit to Inventory for the retail price of the inventory.
D) Accounts Receivable and a credit to Sales Revenue for the cost of the inventory.
Correct Answer:
Verified
Correct Answer:
Verified
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