Part of the Journal Entry to Record the Cost of an Item

question 133

Multiple Choice

Part of the journal entry to record the cost of an item for $28 that sold for $42 cash under the perpetual inventory system is:

• A)debit Sales, $42; credit Cost of Goods Sold, $28; credit Cash, $14.
• B)debit Cost of Goods Sold, $42; sales, $42.
• C)debit Cash, $42; credit Inventory $42.
• D)debit Cost of Goods Sold $28; credit Inventory, $28.

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