Question: When a company sells merchandise to a customer, which of the following journal entries is recorded to reflect the price paid by the company for

When a company sells merchandise to a customer, which of the following journal entries is recorded to reflect the price paid by the company for the inventory that was sold, assuming the periodic inventory system is used? a. Debit Cost of Goods Sold and credit Merchandise Inventory. b. Debit Accounts Receivable and credit Merchandise Inventory. c. Debit Cost of Goods Sold and credit Sales. d. No entry is recorded

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