When a company makes a sale the Inventory account should be debited.

True

False

ABC Co sells merchandise to a customer on account. The merchandise has a selling price of $$100.$ The merchandise cost ABC$$60.$ There is no shipping expense. The correct journal entry to record the sale would include:

Debit Accounts receivable $$100$

Credit Sales Revenues $$100$

Debit Cost of Goods Sold $$60$

Credit Inventory $$60$

True

False