MultiMet Corporation Sold Merchandise for $4,450 to Simpsons,Inc

question 13

Multiple Choice

MultiMet Corporation sold merchandise for $4,450 to Simpsons,Inc.on account.The cost of goods sold was $1,185.MultiMet uses a perpetual inventory system and special journals.The $4,450 is recorded as ________.

• A)an entry in the general journal
• B)Accounts Receivable DR,Sales Revenue CR column of the sales journal
• C)Merchandise Inventory DR column of the purchases journal
• D)Accounts Receivable CR column of cash receipts journal

---

Definitions:

Shares

Units of ownership interest in a corporation or financial asset, which provide dividends and voting rights to the shareholder.

Preferred Stock

A category of corporate ownership that ranks above common stock in both asset claims and earnings, typically accompanied by set dividend payments.

Par Value

A nominal or face value assigned to a share of stock by the company's charter, which has little bearing on its market value.

Shares

Units of ownership in a company, representing a portion of the corporation's capital, often traded on stock exchanges.