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Davis Hardware Company uses a periodic inventory system. How should Davis record the sale of inventory costing $620 for $960 on account? A. Cost of
Davis Hardware Company uses a periodic inventory system. How should Davis record the sale of inventory costing $620 for $960 on account?
| A. | Cost of Goods Sold | 620 | |
| Purchases | 620 | ||
| Accounts Receivable | 960 | ||
| Sales Revenue | 960 | ||
| B. | Accounts Receivable | 960 | |
| Sales Revenue | 960 | ||
| C. | Purchases | 620 | |
| Gain | 340 | ||
| Sales Revenue | 960 | ||
| D. | Accounts Receivable | 960 | |
| Sales Revenues | 620 | ||
| Gain | 340 |
Option C
Option A
Option B
Option D
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Principles Of Auditing And Other Assurance Services
Authors: Ray Whittington, Kurt Pany
13th Edition
007232726X, 9780072327267
