Feathertouch Company Sold Merchandize Worth $800 on Credit,terms N/15 $\begin{array}{lll}\text { Accounts Receivables } &100\\\quad \text { Sales }&&100\end{array}$

question 19

Multiple Choice

Feathertouch Company sold merchandize worth $800 on credit,terms n/15.The merchandize sold had cost $550.What is the required journal entry to record the transaction and to transfer the cost of merchandize inventory to cost of goods sold under the periodic inventory system?

• A)
• \(\begin{array}{lll}
• \text { Accounts Receivables } &100\\
• \quad \text { Sales }&&100
• \end{array}\)
• \(\text { No entry for transfer to cost of goods sold. }\)
• B)
• \(\begin{array}{lcc}
• \text { Sales } & 800 & \\
• \quad \text { Accounts Receivables } & & 800 \\
• \\
• \text { Merchandize Inventory } &550\\
• \quad \text { Cost of Goods Sold }&&550
• \end{array}\)
• C)
• \(\begin{array}{llll}
• \text { Accounts Receivables }&800 \\
• \text { Merchandize Inventory }&&800\\\\
• \text { Cost of Goods Sold }&250 \\
• \text { Merchandize Inventory }&&250
• \end{array}\)
• D)
• \(\begin{array}{lcc}
• \text { Merchandize Inventory } &800\\
• \quad \text { Sales }&&800\\\\
• \text { Cost of Goods Sold }&550 \\
• \quad \text { Merchandize Inventory }&&550
• \end{array}\)

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