Use This Information to Answer the Following Question

question 19

Multiple Choice

Use this information to answer the following question. In addition,beginning merchandise inventory was $11,000 and ending merchandise inventory was $7,000.
-Cost of goods sold for the period was

• A)$31,000.
• B)$25,000.
• C)$38,000.
• D)$23,000.

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Definitions:

Unearned Fees

Income received by a company for goods or services yet to be provided or delivered, recorded as a liability on the balance sheet until earned.

Adjusting Entry

A financial record created during the closing of an accounting cycle to appropriately distribute revenues and expenses to their respective periods.

Journalize

The process of recording transactions in a company's journal, detailing the financial activities and their impact on accounts.

Depreciation

The systematic allocation of the cost of a tangible asset over its useful life, reflecting wear and tear or obsolescence.