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Home Q & A Board Other Fields Homework Help Business Accounting
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tivo tivo
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7 years ago
Part of the journal entry to record the cost of an item for $28 that sold for $40 cash under the perpetual inventory system is:
A) debit Sales, $40; credit Cost of Goods Sold, $28; credit Cash, $12.
B) debit Cost of Goods Sold, $40; sales, $40.
C) debit Cash, $40; credit Inventory $40.
D) debit Cost of Goods Sold $28; credit Inventory, $28.
Textbook 
Financial Accounting

Financial Accounting


Edition: 3rd
Authors:
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largerthanlifelargerthanlife
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tivo Author
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#2
7 years ago
Luckily this is the last business course I'll be taking. Thank you greatly
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