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Accounting for Merchandising Activities
?
An item of merchandise was sold for $800 cash by a business using the perpetual inventory system. The product sold cost the business $600. After the sale entry has been recorded, a second entry will
debit Cash and credit Sales for $800
debit Sales and credit Merchandise Inventory for $600
debit Cost of Goods Sold and credit Merchandise Inventory $600
debit Merchandise Inventory and credit Cost of Goods Sold $800
Show Result
Correct
- Your answer is correct.
Wrong
- Your answer is wrong.
Detailed Answer
Correct answer: (C)
debit Cost of Goods Sold and credit Merchandise Inventory $600
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