23. A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the FIFO inventory method, cost of goods sold for July is A) $580 B) $620 C) $1,380 D) $1.420 EXTRACREDtREVIEV-PART2: CHAPTER57 &AREVEw 24. Tomasz Co, sold $20,000 worth of merchandise and received cash. The sales entry is recorded in the A) cash paymants journal B) general jounal C) sales joumal D) cash receipts journal 25. Adjusting and closing entries are included in what specialized journal? A) sales joumal B) general journal C) cash payments journal D) cash receipts jouma 26. A company paid $2,000 far a telephone bill What jcunal would this appear in? B) purchases C) general D) cash payments 27. A sales return for ored, recorded in thec ) sales journal B) gerneral journal C) cash payments journal D) cash receipts joumal 28. A subsidiary ledgor in place of A) used Page )agroup of IC