Question
Under the Periodic Inventory System, the entry to record the cost of goods sold would include a debit to: A) Cogs and credit to inventory
Under the Periodic Inventory System, the entry to record the cost of goods sold would include a debit to:
A) Cogs and credit to inventory for the cost of the inventory
B) None of these answers are correct
C) Inventory and credit to cogs for the cost of the inventory
D) Cogs and credit to inventory for the retail price of the inventory
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Accounting And Auditing Research Tools And Strategies
Authors: Thomas Weirich, Thomas C. Pearson, Alan Reinstein
6th Edition
032430224X, 9780324302240
