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Under the Perpetual System, When Merchandise Is Sold, the Journal

Question 10

Multiple Choice

Under the perpetual system, when merchandise is sold, the journal entry would include a:


A) debit to Merchandise Inventory; a credit to Accounts Payable or Cash.
B) debit to Cost of Goods Sold; a credit to Merchandise Inventory.
C) debit to Accounts Receivable or Cash and a credit to Sales.
D) Both B and C are correct.

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