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Cartwright Inc used a perpetual inventory system. Merchandise was purchased on account for $700. The inventory was later resold on account for $1190. Cartwright Inc's journal entry to reflect the sale of inventory includes a credit to: Sale for $1190 Gross Profit for $490 Cost of Goods Sold for $700 Inventory for $1190

Cartwright Inc used a perpetual inventory system. Merchandise was purchased on account for $700. The inventory was later resold on account for $1190. Cartwright Inc's journal entry to reflect the sale of inventory includes a credit to: Sale for $1190 Gross Profit for $490 Cost of Goods Sold for $700 Inventory for $1190

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...
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 Cartwright Inc used a perpetual inventory system. Merchandise was purchased on account for $700. The inventory was later resold on account for $1190. Cartwright Inc's journal entry to reflect the sale of inventory includes a credit to: Sale for $1190 Gross Profit for $490 Cost of Goods Sold for $700 Inventory for $1190
. 11 16 Question 1 of 18 Cartwright Inc uned a perpetual inventory system Merchandise was purchased on account for $700 The inventory was later resold on account for $1190 Cartwright Inc's journal entry to reflect the sale of inventory includes a credit to Sale for $1190 Gross Prufit for $490 Cost of Goods Sold for 5700 inventory for $1190
Transcribed Image Text:. 11 16 Question 1 of 18 Cartwright Inc uned a perpetual inventory system Merchandise was purchased on account for $700 The inventory was later resold on account for $1190 Cartwright Inc's journal entry to reflect the sale of inventory includes a credit to Sale for $1190 Gross Prufit for $490 Cost of Goods Sold for 5700 inventory for $1190
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