1. Which of the following accounts are used when recording the sales entry of a sale oncredit?-A. merchandise inventory, casheB. accounts receivable, merchandise inventorytC. accounts receivable, sales“D. sales, cost of goods sold

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Description: 1. Which of the following accounts are used when recording the sales entry of a sale oncredit?-A. merchandise inventory, casheB. accounts receivable, merchandise inventorytC. accounts receivable, sales“D. sales, cost of goods sold

Sales is a revenue account and all revenues increase when credited. Accounts receivable is an Asset…

Business

Accounting

1. Which of the following accounts are used when recording the sales entry of a sale on credit?e A. merchandise inventory, cash B. accounts receivable, merchandise inventory C. accounts receivable, sales D. sales, cost of goods sold

1. Which of the following accounts are used when recording the sales entry of a sale on credit?e A. merchandise inventory, cash B. accounts receivable, merchandise inventory C. accounts receivable, sales D. sales, cost of goods sold

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 13MC: Which of the following accounts are used when recording the sales entry of a sale on credit? A....

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