Question
If your company uses the periodic method, you record a sale on account by: debiting Account Receivable and crediting Sales in entry 1; debiting COGS
If your company uses the periodic method, you record a sale on account by: debiting Account Receivable and crediting Sales in entry 1; debiting COGS and crediting Inventory in entry 2. debiting Sales and crediting Account Receivable only; you do not make an entry to update Inventory. debiting Account Receivable and crediting Sales only; you do not make an entry to update Inventory. debiting Account Receivable and crediting Sales in entry 1; debiting COGS and crediting Purchases in entry 2.
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Auditing Information Security A Complete Guide
Authors: Gerardus Blokdyk
2020 Edition
1867303531, 978-1867303534
