Using a perpetual inventory system, how should a company record the sale of inventory costing $400 for $1,110 on account? Account Title Event 1. 2. 3. 4. Inventory Cost of Goods Sold Sales Revenue Accounts Receivable Accounts Receivable Sales Revenue Cost of Goods Sold Inventory. Inventory Gain Sales Revenue Accounts Receivable Sales Revenues Gain Debit 400 1,110 1,110 400 400 710 1,110 Credit 400 1,110 1,110 400 1,110 400 710
Using a perpetual inventory system, how should a company record the sale of inventory costing $400 for $1,110 on account? Account Title Event 1. 2. 3. 4. Inventory Cost of Goods Sold Sales Revenue Accounts Receivable Accounts Receivable Sales Revenue Cost of Goods Sold Inventory. Inventory Gain Sales Revenue Accounts Receivable Sales Revenues Gain Debit 400 1,110 1,110 400 400 710 1,110 Credit 400 1,110 1,110 400 1,110 400 710
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 3DQ: Using the perpetual inventory system, what account is debited when a business finds that its...
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