QUESTION 1 ABC Company purchased inventory for $18,000 cash. What is the journal entry? a. Debit Revenue $18,000; Credit Cash $18,000 b. Debit Cost of Goods Sold $18,000; Credit Cash $18,000 C. Debit Cash $18,000; Credit Inventory $18,000 Od. Debit Inventory $18,000; Credit Cash $18,000 QUESTION 2 ABC Company sold inventory costing $7,000 for $13,000 cash. What is the first entry to record the sale? a. Debit Sales Revenue $13,000; Credit Cash $13,000 b. Debit Cash $13,000; Credit Sales Revenue $13,000 c. Debit Cash $13,000; Credit Inventory $13,000 d. Debit Cost of Goods Sold $13,000; Credit Sales Revenue $13,000 QUESTION 3 ABC Company sold inventory costing $7,000 for $13,000 cash. What is the second entry to record the reduction to inventory? a. Debit Cash $7,000; Credit Inventory $7,000 b. Debit Cost of Goods Sold $7,000; Credit Sales Revenue $7,000 c. Debit Inventory $7,000; Credit Cost of Goods Sold $7,000 Od. Debit Cost of Goods Sold $7,000; Credit Inventory $7,000 QUESTION 4 ABC Company sold inventory costing $7,000 for $13,000 cash. What is the company's gross margin on this transaction? O a. $7,000 b. $20,000 c. $13,000 O d. $6,000 Click Save and Submit to save and submit. Click Save All Answers to save all answers