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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