A company that uses the periodic inventory system sold inventory for $15,000 cash (the cost of goods

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A company that uses the periodic inventory system sold inventory for $15,000 cash (the cost of goods sold is $5,000). What journal entry or entries should be made at the point of sale? Select one:

a. Debit Cash $15,000, Credit Sales $15,000

b. Debit Cash $15,000, Credit Sales $15,000, Debit Purchases $5,000, Credit Merchandise Inventory $5,000

c. Debit Cash $15,000, Credit Sales $15,000, Debit COGS $5,000, Credit Merchandise Inventory $5,000

d. Debit Cash $15,000, Credit Sales $15,000, Debit Merchandise Inventory $5,000, Credit COGS $5,000

Related Book For answer-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1285453828

2nd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

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Posted Date: Jan 27, 2024 12:02 PM

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A company that uses the periodic inventory system sold inventory for $15,000 cash (the cost of goods

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The detailed answer for the above question is provided below The correct answer is c Debit Cash 1500... View the full answer

Intermediate Accounting Reporting and Analysis

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