Multiple Choice
In recording the cost of merchandise sold for cash, based on data available from perpetual inventory records, the journal entry is
A) debit Cost of Merchandise Sold; credit Sales
B) debit Cost of Merchandise Sold; credit Merchandise Inventory
C) debit Merchandise Inventory; credit Cost of Merchandise Sold
D) debit Accounts Receivable; credit Merchandise Inventory
Correct Answer:
Verified
Correct Answer:
Verified
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