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Star School Supplies uses the periodic Inventory system to record sales and purchases of merchandise. On August 28, it received $3,770 from cash sales. The
Star School Supplies uses the periodic Inventory system to record sales and purchases of merchandise. On August 28, it received $3,770 from cash sales. The cost of goods sold was $2,220. What is the journal entry to record these sales?
a. Debit Accounts Receivable for $3,770 and credit Sales for $3,770
b. Debit Cash for $3,770, credit Cost of Goods Sold for $2,220, and credit Inventory for $1,550
c. Debit Cash for $3,770 and credit Sales for $3,770
d. Debit Cost of Goods Sold for $2,220 and credit Sales for $2,220
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