Answered: $2,100; Inventory, $700 $2,100; Cost of…

Business

Accounting

$2,100; Inventory, $700 $2,100; Cost of Goods Sold, $1,400 $2,100; Cost of Goods Sold, $700

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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Question

A company purchased inventory for

$1,400

per unit. The company later sold one unit of the inventory for cash of

$2,100.

Under the perpetual inventory system, which accounts will be debited to record the sale?

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