Examlex
Fill in the correct labels for the following figure using the word bank below.
-C __________
Cost Of Merchandise Sold
This is the total cost incurred to produce or acquire the goods sold by a company during a specific period.
Debit Balance
An account balance that occurs when the total amount of debits exceeds the total amount of credits in an account.
Accounts Payable
A liability account on the balance sheet, representing the company's obligation to pay off a short-term debt to its creditors or suppliers.
Sales Tax Payable
The amount of sales tax collected from customers that a business owes to the government.
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