A company purchased inventory for $1,200 per unit. The company later sold one unit of the inventory for cash of $1,800. Under the perpetual inventory system, which accounts will be debited to record the sale? OA. Cash, $1,800; Inventory, $600 OB. Cash, $1,800; Inventory, $1,200 OC. Cash, $1,800; Cost of Goods Sold, $1,200 O D. Cash, $1,800; Cost of Goods Sold, $600

A company purchased inventory for $1,200 per unit. The company later sold one unit of the inventory for cash of $1,800. Under the perpetual inventory system, which accounts will be debited to record the sale? OA. Cash, $1,800; Inventory, $600 OB. Cash, $1,800; Inventory, $1,200 OC. Cash, $1,800; Cost of Goods Sold, $1,200 O D. Cash, $1,800; Cost of Goods Sold, $600

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Description: 1200 per unit question 35ss attachedthank for helpagpowphwtphwtphw A company purchased inventory for $1,200 per unit. The company later sold one unit of the inventory for cash of $1,800. Under the perpetual inventory system, which accounts will be de

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 7E: On December 31, Marchant Company took a physical count of its merchandise inventory. It operates...

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Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.
Sandren Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren Co. would record this transaction in the ________. A. general journal B. cash receipts journal C. cash disbursements journal D. purchases journal E. sales journal
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