Which of the Following Journal Entries Is One of the Entries

question 30

Multiple Choice

Which of the following journal entries is one of the entries made to record a credit sale under the perpetual inventory system?

• A) DR Cost of goods sold\(\quad\)\(\quad\)\(\quad\)CR Inventory
• B) DR Cost of goods sold\(\quad\)\(\quad\)\(\quad\)CR Sales
• C) DR Inventory\(\quad\)\(\quad\)\(\quad\)\(\quad\)\(\quad\)\(\quad\)CR Cost of goods sold
• D) DR Accounts receivable\(\quad\)\(\quad\) CR Sales

Analyze and correct errors in journal entries.

Understand the effect of financial transactions on the accounting equation.

Prepare and adjust a trial balance.

Perform horizontal analysis of income statements.

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Definitions:

Internal Cost

Expenses that are directly attributable to a specific project or activity, including materials, labor, and direct overhead.

Domestic Car

A vehicle manufactured within a country, typically marketed and sold to the residents of that country.

Manufacture

The process of producing goods on a large scale using labor, machines, tools, and chemical or biological processing.

Demand Curves

A graphical representation showing the relationship between the price of a good or service and the quantity demanded for a given period.