Under the Perpetual Inventory System the Entry to Record the Cost

question 8

Multiple Choice

Under the perpetual inventory system the entry to record the cost price of goods sold on credit is:

• A)Debit Inventory,credit Cost of sales
• B)Debit Cost of sales,credit Inventory,credit GST Outlays
• C)Debit Cost of sales,credit Inventory
• D)Debit Cost of sales,credit Purchases

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Definitions:

Simultaneously

Occurring, operating, or done at the same time.

Susceptibility

The likelihood or predisposition of an individual to be affected by a certain disease or condition.

Hypnosis

A trance-like state characterized by increased focus, concentration, and suggestibility, often used for therapeutic purposes.

Hypnotic Induction

A process or technique designed to put an individual into a state of hypnosis, marked by heightened focus, relaxation, and suggestibility.