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Mars2501 [29]
3 years ago
14

The Corbit Corp, sold merchandise for $10,000 cash. The cost of orp. sold merchandise for $10,000 cash. The cost of the se sold

was $7,590. The journal entries to record this transaction under the perpetual inventory system would be:______.
A. Cash 10,000 Merchandise Inventory Cost of Merchandise Sold 10,000 7,590 7,590 Sales
B. Cash 10,000 Sales 10,000 Cost of Merchandise Sold 7,590 7,590 Merchandise Inventory
C. Cash 10,000 Sales 10,000 Merchandise Inventory Cost of Merchandise Sold 10,000 10,000
D. Cash 7,590 Sales 7,590 Cost of Merchandise Sold Merchandise Inventory 7,590 7,590
Business
1 answer:
nadezda [96]3 years ago
6 0

Answer:

B. Cash 10,000 Sales 10,000 Cost of Merchandise Sold 7,590 7,590 Merchandise Inventory

Explanation:

The journal entry is shown below:

cash   $10,000

    To sales   $10,000

(being cash receipts is recorded)

Here cash is debited as it increased the assets and credited the sales as it also increased the revenue  

cost of merchandize sold  $7,590

      To merchandize inventory  $7,590

(being cost of merchandise sold is recorded)

Here cost is debited as it increased the expense and credited the merchanidse inventory as it decreased the inventory

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Answer:

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3 years ago
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klasskru [66]

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In this scenario, Susan recognized a $1,300 gain on this sale. This is because Susan originally purchased the stock for a total price of $6,000. When she sold the stock, she sold it for a higher price than what she originally paid for it therefore recognizing a gain. To calculate this gain we simply subtract her initial purchase price from her selling price of the stock which would give us a $1,300 gain.

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<em>I hope this information can help you.</em>

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