Garfunkle Company Had the Following Four Transactions During January 2012

question 70

Multiple Choice

Garfunkle Company had the following four transactions during January 2012:

-Refer to Exhibit 7-1.Given the information above,with the perpetual inventory method,the entry to record the January 5 transaction would include

• A)A debit to Cost of Goods Sold of $1,500
• B)A debit to Accounts Receivable of $2,500
• C)A credit to Inventory of $1,500
• D)All of these

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Definitions:

Maxilla

The upper jawbone, forming the central part of the face above the mouth.

Meniscus

A crescent-shaped fibrocartilaginous structure in the knee that acts as a shock absorber between the thigh bone and the shin bone.

Menisc

A crescent-shaped fibrocartilaginous anatomical structure that partly divides a joint cavity and can refer specifically to the ones in the knee.

Vertebrae

The individual bones that stack to form the vertebral column (spine) in vertebrates.