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In recording the cost of merchandise sold for cash, based on data available from perpetual inventory records, the journal entry is debit Cost of Merchandise
In recording the cost of merchandise sold for cash, based on data available from perpetual inventory records, the journal entry is debit Cost of Merchandise Sold; credit Sales debit Cost of Merchandise Sold; credit Merchandise Inventory debit Merchandise Inventory; credit Cost of Merchandise Sold debit Accounts Receivable; credit Sales
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