A Company Sold Merchandise for $350 That Cost $221

question 142

Multiple Choice

A company sold merchandise for $350 that cost $221.The entry to record the cost of the merchandise sold would be a:

• A) debit to Sales and a credit to Cash for $350.
• B) debit to Cash and a credit to Sales for $350.
• C) debit to Cost of goods sold and a credit to Inventory for $221.
• D) debit to Inventory for $221 and a credit to Cost of goods sold for $221.

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Definitions:

Extranet

A controlled private network that allows access to partners, vendors, and suppliers or an authorized set of users outside the company.

Intranet

A private network accessible only to an organization's staff, often used to share information, operational systems, or computing services within the organization.

Botnet

A network of private computers infected with malicious software and controlled as a group without the owners' knowledge, e.g., to send spam messages.

Wide Area Networks

Networks that extend over large geographic areas, connecting devices across cities, countries, or even continents typically through leased telecommunication lines.