Hexagon Corporation Sold a Product on Credit for $2,235 to Merin

question 71

Multiple Choice

Hexagon Corporation sold a product on credit for $2,235 to Merin Lynch.The cost of goods sold was $1,324.Assuming the firm is following a perpetual inventory system and using a sales journal,it will record $2,235 in the ________.

• A)Accounts Receivable CR,Sales Revenue DR column
• B)Cost of Goods Sold DR,Merchandise Inventory CR column
• C)Merchandise Inventory DR,Cost of Goods Sold CR column
• D)Accounts Receivable DR,Sales Revenue CR column

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Definitions:

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Kohlberg

A psychologist best known for his theory of moral development, which proposes that moral reasoning develops in six stages through an individual's lifetime.

Moral Reasoning

The process of determining right or wrong in a given situation, based on ethical principles and moral values.

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