Question

Question 19 1 pts Our company uses a perpetual inventory system. On July 3, we sold merchandise with a cost of $3,300 for $6,600 to a customer on account. The terms of the sale were 2/10, n/30. What account and amount would we credit to record the cost of goods sold for this transaction? O sales revenue, $6,600 o accounts receivable, $6,600 o cost of goods sold, $3,300 O merchandise inventory, $3,300

Answer 1

Answer: Merchandise Inventory , $ 3,300

Entries  for the sale on accounts :

For sales

Debit : Accounts Receivables : $6,600

Credit : sales $6,600

for Cost of Goods Sold :

Debit: Cost of goods sold 3,300

Credit: Merchandise inventory :$3,300