Corbit Corp. sold merchandise for $10,000 cash. The cost of merchandise sold was $7,590. The journal entries to record this transaction under the perpetual inventory system would be Oa. Cash 10,000 Merchandise Inventory 10,000 Cost of Merchandise Sold 7,590 Sales 7,590 Ob. Cash 7,590 Sales 7,590 Cost of Merchandise Sold 7,590 Merchandise Inventory 7,590 Oc. Cash 10,000 Sales 10,000 Cost of Merchandise Sold 10,000 Merchandise Inventory 10,000 Od. Cash 10,000 Sales 10,000 Cost of Merchandise Sold 7,590 Merchandise Inventory 7,590

Corbit Corp. sold merchandise for $10,000 cash. The cost of merchandise sold was $7,590. The journal entries to record this transaction under the perpetual inventory system would be Oa. Cash 10,000 Merchandise Inventory 10,000 Cost of Merchandise Sold 7,590 Sales 7,590 Ob. Cash 7,590 Sales 7,590 Cost of Merchandise Sold 7,590 Merchandise Inventory 7,590 Oc. Cash 10,000 Sales 10,000 Cost of Merchandise Sold 10,000 Merchandise Inventory 10,000 Od. Cash 10,000 Sales 10,000 Cost of Merchandise Sold 7,590 Merchandise Inventory 7,590

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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