17. The Corbit Corp, sold merchandise for $10,000 cash. The cost of orp. sold me

Question

17. The Corbit Corp, sold merchandise for $10,000 cash. The cost of orp. sold merchandise for $10,000 cash. The cost of the se sold was $7,590. The journal entries to record this transaction under the perpetual inventory system would be A. Cash 10,000 Merchandise Inventory Cost of Merchandise Sold 10,000 7,590 7,590 Sales B. Cash 10,000 Sales 10,000 Cost of Merchandise Sold 7,590 7,590 Merchandise Inventory . Cash 10,000 Sales 10,000 Merchandise Inventory Cost of Merchandise Sold 10,000 10,000 d. Cash 7,590 Sales 7,590 Cost of Merchandise Sold Merchandise Inventory 7,590 7,590 18. When a company uses the periodic inventory system, the journal entry to record the purchase of merchandise inventory will include a debit to A. Merchandise Inventory B.Purchases C.Accounts Payable D. Cost of Goods Sold E. Cost of Merchandise Purchased

Explanation / Answer

1-

Answer is B

cash

10000

sales

10000

cost of merchandize sold

7590

merchandize inventory

7590

2-

Answer is B

Debit   Purchase

Under periodic inventory system under purchase of inventpry Purchase account would be debited

1-

Answer is B

cash

10000

sales

10000

cost of merchandize sold

7590

merchandize inventory

7590

2-

Answer is B

Debit   Purchase

Under periodic inventory system under purchase of inventpry Purchase account would be debited

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