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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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7 years ago
A company sold merchandise with a cost of $231 for $480 on account. The seller uses the perpetual inventory system. The entry to record the cost of merchandise sold would include ________.
A) a debit to Cash and a credit to Sales Revenue for $480
B) a debit to Cost of Goods Sold and a credit to Merchandise Inventory for $231
C) a debit to Sales Revenue and a credit to Cash for $480
D) a debit to Merchandise Inventory for $231 and a credit to Cost of Goods Sold for $231
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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Mrgo-breedMrgo-breed
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7 years ago
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H3Ko Author
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7 years ago
Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.
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#3
7 years ago
Excellent Slight Smile
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