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The Corbit Corp. sold merchandise for $10,000 cash. The cost of the goods sold was $7,590. The journal entries to record this transaction under the
The Corbit Corp. sold merchandise for $10,000 cash. The cost of the goods sold was $7,590. The journal entries to record this transaction under the perpetual inventory system would be
a.
Cash | 10,000 | ||
Sales | 10,000 | ||
Cost of Goods Sold | 7,590 | ||
Inventory | 7,590 |
b.
Cash | 7,590 | ||
Sales | 7,590 | ||
Cost of Goods Sold | 7,590 | ||
Inventory | 7,590 |
c.
Cash | 10,000 | ||
Sales | 10,000 | ||
Cost of Goods Sold | 10,000 | ||
Inventory | 10,000 |
d.
Cash | 10,000 | ||
Inventory | 10,000 | ||
Cost of Goods Sold | 7,590 | ||
Sales | 7,590 |
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