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Using a perpetual inventory system, which of the following entries would record the sale of merchandise on account? Debit Accounts Payable and Inventory; Credit Sales
Using a perpetual inventory system, which of the following entries would record the sale of merchandise on account?
Debit Accounts Payable and Inventory; Credit Sales Revenue and Cost of Goods Sold | ||
Debit Sales Revenue and Cost of Goods Sold; Credit Accounts Payable and Inventory | ||
Debit Accounts Receviable and Sales Revenue; Credit Cost of Goods Sold and Inventory | ||
Debit Accounts Receivable and Cost of Goods Sold; Credit Sales Revenue and Inventory | ||
None of these is correct |
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