Business, 13.07.2021 16:40 bkimswift7
Cumberland Co. sells $1,114 of merchandise to Hancock Co. for cash. Cumberland paid $779 for the merchandise. Under a perpetual inventory system, which of the following is the correct journal entry(is)?
a. debit Cash, $1.084 credit Merchandise Inventory: $722
b. debit Cash. $1,084. credit Sales. $1.084 and debit Cost of Merchandise Sold. 722credit Merchandise Inventory: 5722
c. debit Accounts Receivable. $1,084, credit Sales. $1,084, and debit Cost of Merchandise Sold, 5722 credit Merchandise Inventory, 5722
d. debit Cash 5722: credit Sales. $722
Answers: 3
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Cumberland Co. sells $1,114 of merchandise to Hancock Co. for cash. Cumberland paid $779 for the mer...
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