BetterBuy Uses a Perpetual Inventory System

question 207

Multiple Choice

BetterBuy uses a perpetual inventory system.BetterBuy sells a computer from inventory for $599 on credit.BetterBuy originally bought the computer from IBM for $395.What journal entry (entries) will BetterBuy prepare to record the sale?

• A) Debit Cash and credit Sales Revenue for $599; debit Cost of Goods Sold and credit Inventory for $395
• B) Debit Accounts Receivable for $599, credit Inventory for $395, and credit Gross Profit for $204
• C) Debit Accounts Receivable and credit Sales Revenue for $599; debit Cost of Goods Sold and credit Inventory for $395
• D) Debit Inventory for $395, debit Cost of Goods Sold for $204, and credit Accounts Receivable for $599

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Definitions:

Early Childhood

A critical period in human development that spans from birth to around 8 years of age, marked by rapid physical, cognitive, social, and emotional growth.

Motor Development

Motor Development involves the progression of physical abilities and coordination in a child, from simple to more complex movements.

Movement Accuracy

The precision with which an individual can control or execute physical actions or movements.

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is a metabolic disease characterized by high blood sugar levels over a prolonged period, primarily due to insulin production inadequacies or the body's ineffective use of insulin.