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Everton Co. sells $18,250 of inventory to Chelsea Corporation on account. Everton paid $9,750 for the merchandise. Under the perpetual inventory system, which of the
Everton Co. sells $18,250 of inventory to Chelsea Corporation on account. Everton paid $9,750 for the merchandise. Under the perpetual inventory system, which of the following journal entry(ies) would be recorded? debit Accounts Receivable, $9,750; credit Sales, $9,750 debit Cash, $18,250, credit Sales, $18,250; and debit Cost of Goods Sold, $9,750; credit Inventory, $9,750 debit Cash, $18,250; credit Inventory, $9,750 debit Accounts Receivable, $18,250; credit Sales, $18,250 and debit Cost of Goods Sold, $9,750; credit Inventory, $9,750
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