Question
A firm sold inventory for$350 that cost$221. The entry to record the cost of the inventory sold would bea: A. debit to Cash and a
A firm sold inventory for$350 that cost$221. The entry to record the cost of the inventory sold would bea:
A.
debit to Cash and a credit to Sales for$350.
B.
debit to Inventory for$221 and a credit to Cost of sales for$221.
C.
debit to Cost of sales and a credit to Inventory for$221.
D.
debit to Sales and a credit to Cash for$350
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Managerial Accounting
Authors: Wendy M. Tietz, Louis Beaubien, Karen W. Braun
3rd Canadian edition
