Consider the following transaction: A company sold merchandise costing $9,000 for $20,000. Of the $20,000, $7,500 was received in cash and the remainder was on account. Which ONE of the following is necessary to record this transaction? CREDIT to Cost of Goods Sold for $20,000 CREDIT to Sales for $20,000 DEBIT to Accounts Receivable for $20,000 DEBIT to Sales for $20,000

Answer rating: 100% (QA)

The necessary entry to record the given transaction would be DEBIT to Accounts Receivable for 20000 ... View the full answer