Answered step by step
Verified Expert Solution
Question
1 Approved Answer
if you are using the perpetual inventory system and you sell, on account, goods for 100,000 which cost you $70,000, the journal entries for this
if you are using the perpetual inventory system and you sell, on account, goods for 100,000 which cost you $70,000, the journal entries for this transaction would not include
a. a credit to sales for 100,000
b a credit to gain on sale for $30,000
c. a debit to A/R for $100,000
d. a debit to cost of goods sold for $70,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started