Question
Questions 5 and 6 are based on the following information. ABC Co. sold merchandise inventory on account for $10,000 that cost $7,000. Under the periodic
Questions 5 and 6 are based on the following information. ABC Co. sold merchandise inventory on account for $10,000 that cost $7,000.
Under the periodic approach, the entry (entries) at the time of the sale of the inventory on account is (are) as follows:
| a. | Cost of goods sold.7,000 Inventory7,000 | |
| b. | Accounts receivable10,000 Sales.10,000 and Cost of goods sold.7,000 Inventory...7,000 | |
| c. | Accounts receivable.10,000 Sales.10,000 | |
| d. | Cash.10,000 Accounts receivable.10,000 and Cost of goods sold.7,000 Inventory7,000 |
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Remote Auditing A Quick And Easy Guide For Management System Auditors
Authors: Denise Robitaille
1st Edition
1932828311, 978-1932828313
