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A company uses a perpetual inventory system. On December 10, the company bought inventory for $3,000. It is the only item of inventory it owns.
A company uses a perpetual inventory system. On December 10, the company bought inventory for $3,000. It is the only item of inventory it owns. On December 29, it sells the inventory for $5,500 on account with terms 2/10 n/30. The company's customer pays for the inventory on January 3. Which of the following is recorded by the company on December 29? Debit accounts receivable for $3,000 Debit sales revenue for $5,500 Credit inventory for $3.000 No entry will be made. O Credit inventory for $5,500
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