In Recording the Cost of Merchandise Sold for Cash, Based

question 100

Multiple Choice

In recording the cost of merchandise sold for cash, based on data available from perpetual inventory records, the journal entry is:

• A) debit Cost of Merchandise Sold; credit Sales
• B) debit Cost of Merchandise Sold; credit Merchandise Inventory
• C) debit Merchandise Inventory; credit Cost of Merchandise Sold
• D) debit Accounts Receivable; credit Sales

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Definitions:

Proximity

Refers to the physical closeness between people, objects, or locations, influencing social interactions and relationships.

Grouping

The cognitive process of organizing stimuli or elements into groups or categories based on similarity, proximity, or other relational criteria.

Size Constancy

The perception of an object as having a constant size, despite changes in the size of its retinal image due to variations in its distance from the observer.

Physical Dimensions

Measurements that describe the size, shape, and volume of objects or spaces.