Required information Knowledge Check 01 The inventory transactions of VTS Corporation are shown below. Date Transaction Jan. 1 Beginning inventory Feb. 25 Sale May 21 Purchase Jul. 15 Purchase Dec. 10 Sale Number of Unit Units Cost/Price 500 $10 300 20 400 12 500 15 800 20 All purchase/sale transactions are made on credit. The company uses the FIFO method and perpetual inventory system to record transactions. Which of the following will be recorded on February 25? Multiple Choice Debit to Accounts Receivable for $3,000 Credit to Inventory for $5,000 All purchase/sale transactions are made on credit. The company uses the FIFO method and perpetual inventory system to record transactions. Which of the following will be recorded on May 21? Part 3 of 4 0.47 points Multiple Choice Print Credit to Accounts Payable for $4,800 References Credit to Cash for $4,800 Credit to Cost of Goods Sold for $4,800 Debit to Sales Revenue for $4,800 Required information Knowledge Check 01 The inventory transactions of VTS Corporation are shown below. Date Transaction Jan. 1 Beginning inventory Feb. 25 Sale May 21 Purchase Jul. 15 Purchase Dec. 10 Sale Number of Unit Units Cost/Price 500 $10 300 20 400 12 500 15 800 20 All purchase/sale transactions are made on credit. The company uses the FIFO method and perpetual inventory system to record transactions. Which of the following will be recorded on February 25? Multiple Choice Debit to Accounts Receivable for $3,000 Credit to Inventory for $5,000 All purchase/sale transactions are made on credit. The company uses the FIFO method and perpetual inventory system to record transactions. Which of the following will be recorded on May 21? Part 3 of 4 0.47 points Multiple Choice Print Credit to Accounts Payable for $4,800 References Credit to Cash for $4,800 Credit to Cost of Goods Sold for $4,800 Debit to Sales Revenue for $4,800