moncadadebbie9746 moncadadebbie9746

26-02-2021
Business

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If merchandise costing $500 is sold on account for $620, how is this transaction recorded when using a perpetual inventory system

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trammelmr trammelmr

26-02-2021

Answer:

Explanation:

Debit Accounts Receivable and credit Sales Revenue for $620;

DEBIT: Cost of Goods Sold CREDIT: Inventory for $500

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