Centium Corporation Sold Goods to John Dunn for $1,000 on Account.Cost

question 103

Multiple Choice

Centium Corporation sold goods to John Dunn for $1,000 on account.Cost of goods sold was $745.Centium uses a perpetual inventory system and special journals.The cost of goods sold is recorded in the ________ column of the sales journal.

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

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Definitions:

Slope

In mathematics, it is the measure of the steepness or inclination of a line, often calculated as the ratio of the vertical change to the horizontal change between two points on the line.

Isoquant

A curve that represents all the combinations of inputs that produce the same level of output in production theory.

Indeterminate

A state or outcome that cannot be predicted or decisively determined due to insufficient information.

Isocost Line

A graph representing all combinations of inputs that can be purchased with a given total cost.