Question
Morris Company uses the perpetual inventory method. The company purchased an item of inventory for $75.00 and sold the item to a customer for $100.00.
Morris Company uses the perpetual inventory method. The company purchased an item of inventory for $75.00 and sold the item to a customer for $100.00. What effect will the SALE have on the company's INVENTORY account?
A. There will be no net effect on the Inventory account.
B. The Inventory account will decrease by $100.00
C. The inventory will increase by $75.00
D. The inventory account will decrease by $75.00
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Water Audits And Loss Control Programs
Authors: American Water Works Association
4th Edition
1625761007, 978-1625761002
