Parker Industrial Corp When the Sales Journal Is Posted to the General Ledger

question 15

Multiple Choice

Parker Industrial Corp. uses a sales journal to record each sale transaction. At the end of January, the sales journal was as you see below: Sales Journal $\begin{array}{|r|r|l|l|r|r|}\hline& & & &\text { Accts Rec } & \\\text { Date } & \text { Invoice \# } & \text { Customer } & \text { Post } & \text { DR } & \text { COGS DR/ } \\&&&\text { Ref. } & \text { Sales Rev CR } & \text { Inventory CR }\\\hline \text { Jan 12 } & 3077 & \text { Fogelin, A. } & & \$ 2,400 & \$ 960 \\\hline 19 & 3078 & \text { Faass Products Co. } & & 1,012 & 800 \\\hline 24 & 3079 & \text { Lanier Service Inc. } & & 444 & 201 \\\hline 29 & 3080 & \text { June, L. } & & 709 & 366 \\\hline 31 & & \text { Total } & & \$ 4,565 & \$ 2,327 \\\hline\end{array}$ When the sales journal is posted to the general ledger, which entries are made?

• A)debit Accounts Receivable $4,565; credit Inventory $2,327 debit Sales Revenue $4,565; credit COGS $2,327
• B)debit Sales Revenue $4,565; credit Accounts Receivable $4,565 debit Inventory $2,327; credit COGS $2,327
• C)debit Accounts Receivable $4,565; credit Sales Revenue $4,565 debit COGS $2,327; credit Inventory $2,327
• D)debit Accounts Receivable $2,327; credit Inventory $2,327 debit COGS $4,565; credit Inventory $4,565

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Definitions:

Chronological

Organized in order of time, typically from the earliest to the most recent.

Oral Style

The manner of expressing spoken words, often distinct in its informality and directness compared to written style.

Written Style

The distinct approach or method an author uses in their writing, embodying their voice, tone, and technique.

Presenting Information

The act of delivering data, knowledge, or insights in a structured and understandable manner to an audience.